Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 11.00

NPR, Inc.

As of December 31, 2012, NPR, Inc. has patents and trademarks on its balance sheet. NPR has decided it does not want to use the qualitative assessment option for impairment testing on its trademark for US GAAP. Neither asset has been previously impaired. Information for these assets as of December 31, 2012, is as follows

 

Remaining life

Original cost

Accumulated amortization*

Fair
value

Selling costs

Present value
of future cash flows

Summation
of future, undiscounted cash flows

Patent

10 years

$200,000

$100,000

$80,000

$2,000

$85,000

$95,000

Trademark

Indefinite

$250,000

'

$225,000

Insignificant

$220,000

$240,000

 

As of December 31, 2013, the fair value, selling costs and the present value of future cash flows of the patent had not changed. The sum of future undiscounted cash flows for the patent is now $90,000. The fair value of the trademark had increased to $230,000 and the present value of the future cash flows for the trademark has increased to $225,000. Selling costs are still insignificant. The sum of future cash flows is still $240,000.

Please provide any necessary calculations and journal entries for these assets on NPR Inc.'s balance sheet using both IFRS and US GAAP for 2012 and 2013.

* Amortization has already been recorded for 2012

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 02:08 PM My Price 11.00

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