What is the amount of amortization for this intangible

Assignment Help Accounting Basics
Reference no: EM131114473

1. An intangible asset with an estimated useful life of 30 years was acquired on January 1, 2000, for $540,000. On January 1, 2010, a review was made of intangible assets and their expected service lives, and it was determined that this asset had an estimated useful life of 30 more years from the date of the review. What is the amount of amortization for this intangible in 2010? 

Reference no: EM131114473

Questions Cloud

Included in net income is amortization expense : Sophia Co., a cellular phone company based in Italy, prepares its financial statements in accordance with iGAAP. In 2010, it reported average assets of €12,500 and net income €1,125.
Explain the competitive and conversion effects of exchange : Explain the competitive and conversion effects of exchange rate changes on the firm's operating cash flow.
Briefly describe some of the similarities and differences : Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for intangible assets.
Where can authoritative igaap guidance related : Where can authoritative iGAAP guidance related to intangible assets be found?
What is the amount of amortization for this intangible : What is the amount of amortization for this intangible in 2010?
Explain the following statement exposure is the regression : Explain the following statement: "Exposure is the regression coefficient."
Student wishes to charge these costs against revenue : One student wishes to charge these costs against revenue in the current period another wishes to defer these costs and amortize them in the future. Which student is correct?
How would you define economic exposure to exchange risk : How would you define economic exposure to exchange risk?
What is the amount of research and development costs : What is the amount of research and development costs that Austin Powers should record in 2009 as a charge to expense?

Reviews

Write a Review

Accounting Basics Questions & Answers

  When the announcement was made and ignoring share issue

Prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs.

  Compute the depreciation expense for the years

Compute the depreciation expense for the years indicated using the following methods. (Round to the nearest dollar.)

  Anita vasquez received 240000 from her mothers estate she

anita vasquez received 240000 from her mothers estate. she placed the funds into the hands of a broker who purchased

  Starbucks entering the italian market

Starbucks is a company that received its inspiration from an Italian custom, with thriving store locations all over the world, except in Italy, one has to wonder what is the hold up? Entering into the Italian market could be a very risky move sinc..

  Shurshot sports inc manufactures basketballs for the

shurshot sports inc. manufactures basketballs for the national basketball association nba. for the first 6 months of

  Sold a piece of equipment for cash of 5000 the equipment

the following transactions occurred during may the first month of operations for xyz company1. sold common stock to

  Vaughn co operates three separate departments a b c the

vaughn co. operates three separate departments a b c. the data below is provided for the current yeartotal sales 120000

  Debt level that maximizes its stock price

Is the debt level that maximizes a firm's expected EPS the same as the debt level that maximizes its stock price? Explain.

  Respective hidden agendas

Is everything that is being expressed by Ekstrom and the Belgium management above board? What are the respective hidden agendas that can be anticipated for each party, and in what way do they coincide? In what way can they be expected to diverge?

  Insurance company for a two year fire insurance policy

The company records supplies purchased in an asset account.

  Wells water systems recently reported 8250 of sales 4500 of

wells water systems recently reported 8250 of sales 4500 of operating costs other than depreciation and 950 of

  One company buys a controllingcp interest in anither

one company buys a controllingcp interest in anither company on april1. explain how the pre-acquisiton revenues anc

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd