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Patents were acquired at cost of 80 million and were revalued soon afterwards. They have an estimated life of 16 years, of which 12 years remain.The trademark can be renewed indefinately, subject to continued use. The cost represents registration fees, which were initially expensed but recognised five years later after the trademark had started to become recognised by consumers.IP ltd reports the following intangible assets:Patents at directors valuation .........160 million less accumulated amortization .........(40 million)120 millionTrademarks at cost ............15 million Goodwill at cost .............50Million less accumulated amortization ......... (10 million)40 millionBrand name ................100 million Licence at cost ..............10 million less accumulated amortization ....... (1 million)9 millionGoodwill has been purchased and a mortised on the straight line basis.The brand name is stated at fair value and is internally generated the licence has a 10 year life of which nine years remain. The licence can be traded in an active market and has a fair value of 17 million.
QUESTION A) State how each asset or class of assets should be reported in accordance with AASB 138B) State the carrying value and whether each asset/ asset class should be a mortised. Specify any choice of method permitted for IP Ltd.
Evaluate the cost of the finished goods inventory of light-gauge aluminum and prepare an income statement for the current year ended 31st December
Advise Jack and Jill of their income tax consequences arising out of the above information under both the diminishing value method and the prime cost method (if relevant) for the year ended 30 June 2015.
What would International Business Company's total tax liability for both divisions be if it used the $ 7 million transfer price? What would the liability be if it used the $14 million transfer price?
What is the value of 2+2-2*2/2. dear expert please show all Providences of all the operators.
Compare the long-term tax benefits and advantages of each type of reorganization, and recommend the type of reorganization that will be most beneficial to the client
Compute the amount of income tax that Boatogooso legally and compute the amount of income tax expense to be reported on Boatogooso's income statement for 2003.
Evaluate the tax savings and after-tax cash-flow effect of each of these investment choices. State which option you recommend for William and explain why.
The general manager proposed changes in the company's accounting policies in a few areas in an attempt to show a higher profit. He met the company's auditors to discuss these ideas. What do you think the auditors should have said?
Case Law, Taxation Office Rulingsand other sections of the ITAA97 and ITAA36. You are required to address under separate headings the underlined words in the course of your explanation.
which one of the subsequent statements best reflects sternbergs triarchic theory of intelligence?a. intelligent
What is the value of the business' sales revenue for the current and previous years? Calculate the percentage change in sales revenue.
Prepare a Tax Research Memorandum to convey conclusions
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