Trotman Company had three intangible assets at the end of 2012

Trotman Company had three intangible assets at the end of 2012

Trotman Company had three intangible assets at the end of 2012 (end of the accounting year):

 

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a.Computer software and Web development technology purchased on January 1, 2011, for $70,000. The technology is expected to have a four-year useful life to the company.
b.A patent purchased from Ian Zimmer on January 1, 2011, for a cash cost of $6,000. Zimmer had registered the patent with the U.S. Patent Office five years ago.
c.An internally developed trademark registered with the federal government for $13,000 on November 1, 2012. Management decided the trademark has an indefinite life.

 

Required:
1.Compute the acquisition cost of each intangible asset. (Omit the “$” sign in your response.)

 

Acquisition cost
  Technology$ [removed]
  Patent[removed]
  Trademark[removed]

 

2.Compute the amortization of each intangible at December 31, 2012. The company does not use contra-accounts. (Assume the company uses straight-line method.) (Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.)

 

Amortization
  Technology$ [removed]
  Patent[removed]
  Trademark[removed]

 

3.Show how these assets and any related expenses should be reported on the balance sheet and income statement for 2012. (Omit the “$” sign in your response.)

 

  Income statement for 2012:
     Operating expenses:
$ [removed]



 

  Balance sheet at December 31, 2012:
     (under noncurrent assets)
       Intangibles:
$ [removed]
[removed]
[removed]

$ [removed]



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