Exam 12: Intangible Assets

Redstone Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented. How should these costs be accounted for in the year they are incurred?

MaBelle Corporation incurred the following costs in 2015: What amount should MaBelle record as research & development expense in 2015?

Easton Company and Lofton Company were combined in a purchase transaction. Easton was able to acquire Lofton at a bargain price. The sum of the fair values of identifiable assets acquired less the fair value of liabilities assumed exceeded the cost of acquiring Easton. Easton will report the excess amount as

Which of the following intangible assets should be shown as a separate item on the balance sheet?

The reason goodwill is sometimes referred to as a master valuation account is because

Which of the following is a type of technology-related intangible asset?

Under IFRS, costs in the development phase are

The following transactions involving intangible assets of Minton Corporation occurred on or near December 31, 2014. Complete the chart below by writing the journal entry (ies) needed at that date to record the transaction and at December 31, 2015 to record any resultant amortization. If no entry is required at a particular date, write "none needed."

Leeper Corporation incurred the following costs in 2015: What amount should Leeper record as research & development expense in 2015?

When the purchaser in a business combination pays less then the fair value of the identifiable net assets, such a situation is referred to as a:

Which of the following characteristics do intangible assets possess?