Reference no: EM132787717
The following is a transaction on intangible assets from Sandro Ltd:
1. On December 1, 2014, Sandro spent $ 65,000 on experimental and development activities in his laboratory to develop a patent. The patent was granted on January 2, 2015. Legal and miscellaneous fees relating to patent registration amounted to $ 17,600. Sandro estimates that the economic life of a patent is 8 years. Prior to January 2, 2015, a Patent had not yet achieved economic viability.
2. A trademark was purchased from the Shanghai Company for $ 36,000 on July 1, 2012. Expenditures related to litigation fees for successfully maintaining the trademark were paid on July 1, 2015 for $ 10,200. Sandro estimates that a trademark is 20 years old from the date of purchase.
Instructions:
problem a. Keep all journals related to the above transactions!
problem b. Make a schedule that describes the intangible assets section on the statement of financial position as of December 31, 2015!
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