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CHAPTER 6

INTANGIBLE ASSETS

PROBLEMS

6-1 (Amsterdam Enterprises)


a. Special equipment P546,000
Research salaries 51,300
Costs of testing prototype 70,800
R & D Expense P668,100

b. Fees paid to Phil. Patent Office P 7,500


Drawings required by the patent office 14,100
Legal costs of filing patent 38,100
Patent cost, January 1, 2004 P 59,700
Less amortization of patent for years 2006 and 2007
(59,700/ 17) x 2 yrs. 7,024
Patent carrying value, December 31, 2007 P 52,676

c. Patent carrying value at December 31, 2008


59,700 x 14/17 P 49,165
Remaining estimated useful life at January 1, 2009 5
Amortization expense for year 2009 P 9,833

6-2 (May Company)


Patents
Cost P192,000
Less accumulated amortization
36,000 + (156,000 8) 55,500 P 136,500
License
Cost (80 x 600 x 2/3) P 32,000
Less accumulated amortization (32,000/4) 8,000 24,000
Trademark
Cost (80 x 600 x 1/3) P 16,000
Less accumulated amortization (16,000/4) 4,000 12,000
Goodwill (12M 8M) 4,000,000
Total intangible assets P4,172,500

6-3 (July, Inc.)


2001
Jan. 3 Patents 196,000
Cash 196,000
2001-2004
Dec. 31 Amortization Expense 19,600
Accumulated Amortization-Patents 19,600
196,000 / 10
2005
Jan. 1 Legal Fees 28,000
Cash 28,000
2005
Dec. 31 Amortization Expense 19,600
Accumulated Amortization-Patents 19,600

2006
Chapter 6 - Intangible Assets

Jan. 1 Patents 60,000


Cash 60,000
2006-2008
Dec. 31 Amortization Expense 15,800
Accumulated Amortization-Patents 15,800
196,000 (19,600 x 5) = 98,000
(98,000 + 60,000) / 10 = 15,800

2009
July 1 Amortization Expense 7,900
Accumulated Amortization-Patents 7,900
15,800 x 6/12 = 7,900

1 Loss from Writedown of Patents 102,700


Accumulated Amortization-Patents 153,300
Patents 256,000
196,000 + 60,000 = 256,000
98,000 + (15,800 x 3.5 yrs) = 153,300

6-4 (Boston Company)


a. Patent cost P500,000
Estimated useful life 5 yrs.
Amortization per year
P100,000
Amortization expense for 2006 (100,000 x 6/12) P 50,000
b. Carrying amount, December 31, 2007 (500,000 150,000)
P350,000
Estimated market value
150,000
Impairment loss at December 31, 2007
P200,000

c. Written down value of patent at December 31, 2007


P150,000
Less depreciation for 2008
150,000 / 3 = 50,000 50,000
Carrying amount at December 31, 2008
P100,000

d. Sound value at January 1, 2009


P600,000
Carrying amount at December 31, 2008
100,000
Increase in value P500,000
Recovery of previous impairment loss through lower
amortization = 200,000 / 3
200,000
Revaluation surplus in 2009 P350,000

6-5 (Summer Company)


2006 R & D Expense 500,000
Cash 500,000
2007
Jan. 1 Patents 120,000

43
Chapter 6 - Intangible Assets

Cash 120,000

Dec. 31 Amortization Expense 12,000


Accumulated Amortization-Patents 12,000
2008
Jan. 1 Patents 1,200,00
0
Cash 1,200,00
0
2008-2009
Dec. 31 Amortization Expense 87,200
Accumulated Amortization-Patents 87,200
(120,000-12,000) + 1,200,000 =
1,308,000
1,308,000/15 = 87,200
2009
Dec. 31 Loss from Writedown of Patents 1,133,36
0
Accumulated Amortization 186,400
Patents 1,320,00
0

6-6 (April Company)


Laboratory research P 68,000
Modification of formulation 26,000
Searching for application 19,000
Depreciation of equipment (280,000/5) 56,000
R & D costs for 2009 P169,000

6-7 (Autumn Company)


a.
2009 Franchise 6,250,00
0
Cash 6,250,00
0

Dec. 31 Franchise Fee Expense 500,000


Cash 500,000

Dec. 31 Amortization Expense 312,500


Accumulated Amortization-Franchise 312,500
6,250,000/10 = 625,000; 625,000 x 1/2
b.
2009
Dec. 31 Amortization Expense 142,500
Accumulated Amortization-Patents 142,500
750,000 x 9.5/10 = 712,500; 712,500 / 5
c.
2009 R & D Expense 2,300,00
0
Equipment 1,000,00
0
Accumulated Depreciation-Equipment 100,000
Cash 3,200,00
0

44
Chapter 6 - Intangible Assets

R&D=200,000+1,400,000+600,000+100,000=
2,300,000
(1,000,000 / 5) x = 100,000

6-8 (KC Company)


a. Fair value of net assets
(1,000,000 + 1,700,000 + 5,900,000 2.360,000) P6,240,000
Cash purchase price 7,000,000
Goodwill P 760,000

b. Trade Receivables 1,000,00


0
Inventory 1,700,00
0
Property, Plant and Equipment 5,900,00
0
Goodwill 760,000
Current Liabilities 760,000
Noncurrent Liabilities 1,600,00
0
Cash 7,000,00
0
6-9 (Global Computer Corporation)
a. R & D Expense 800,000
Software 500,000
Cash 1,300,00
0
b. Amortization Expense 175,000
Accumulated Amortization-Software 175,000
500,000 x 1.4M/4M = 1,300,000

6-10 (Sun Company)


a. Downpayment P400,000
Present value of future payments
200,000 x 2.4869 497,380
Total cost P897,380

b. Amortization Expense for 2006


897,380 / 5yrs P179,476
c.
2009
Jan. 1 Franchise 897,380
Discount on Notes Payable 102,620
Cash 400,000
Notes Payable 600,000

Dec. 31 Interest Expense 49,738


Discount on Notes Payable 49,738
10% x 497,380 = 57,600

31 Amortization Expense 179,476


Accumulated Amortization-Franchise 179,476
2010
Jan. 1 Notes Payable 200,000
Cash 200,000

45
Chapter 6 - Intangible Assets

MULTIPLE CHOICE QUESTIONS


Theory
MC1 c MC6 d MC1 d MC1 b
1 6
MC2 c MC7 b MC1 a MC1 c
2 7
MC3 d MC8 d MC1 d MC1 c
3 8
MC4 a MC9 b MC1 b MC1 d
4 9
MC5 b MC1 c MC1 a MC2 c
0 5 0

Problems
MC21 d 244,000 + 100,000 = 344,000
MC22 a P0
MC23 c 750,000 + 150,000 = 900,000
MC24 b 1,200,000 x 2/50 = 48,000; (750,000 10) x 2/12 = 12,500
60,000 x 2/12 = 10,000; 48,000 + 12,500 + 10,000 = 70,500
MC25 b 125,000 10 = 12,500; 272,500 5 = 54,500 x = 27,250
656,200 17 = 38,600; 12,500 + 27,250 + 38,600 = 78,350
MC26 b 200,000 + (100,000 x 2.91) = 491,000
MC27 c 340,000 10 = 34,000 x = 17,000
MC28 c 340,000 17,000 34,000 = 289,000
MC29 b 289,000 5 = 57,800
MC30 a P0
MC31 c 68,000 + 24,000 + 6,000 + 19,000 = 117,000
MC32 c 152,000 8 = 19,000
MC33 a 1,440,000 x 1.5/10 = 216,000
MC34 d 40,000 + 5,000 = 45,000
MC35 c 900,000 x 7/10 = 630,000
MC36 b 210,000 + 300,000 + 400,000 + 220,000 + 260,000 = 2,080,000
MC37 c 1,500,000 30 = 50,000
MC38 b 1,000,000

46
Chapter 6 - Intangible Assets

MC39 d 480,000 10 = 48,000


MC40 a (480,000 x 5/10) + 200,000 = 440,000; 440,000 10 = 44,000
MC41 b 440,000 (44,000 x 3.5 yrs) = 286,000
MC42 b 270,000 x 6/10 = 162,000; 162,000 3 = 54,000; 162,000 54,000 =
108,000
MC43 c 1,150,000 525,000 = 625,000; 700,000 625,000 = 75,000
MC44 d 1/5=20%; Depreciation is the higher rate which is 30%; thus carrying amount is
70%
MC45 a 1,500,000 5,000,000 = 30%; 30% x 2,500,000 = 750,000

47