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Chapter 12: 12-11Q (page 637)

Explain the difference between artistic-related intangible assets and contract-related intangible assets.

Short Answer

Expert verified

The distinction between artistic-related intangible assets and contract-related intangible assets is that copyrights protect artistic-related assets, but contract-related assets represent the value of rights arising from contractual agreements.

Step by step solution

01

Artistic-related intangible assets

Ownership rights to plays, photos, photographs, and video and audiovisual content are examples of artistic intangible assets. Copyrights safeguard these ownership rights.

02

Contract-related intangible assets

These are the worth of rights arising from contractual agreements. Examples are franchise and license agreements, building permissions, broadcast rights, and service or supply contracts.

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Most popular questions from this chapter

Question: Sinise Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of \(9,900. This textbook is estimated to have a useful life of 3 years from September 1, 2017, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2017, for \)24,000. This textbook has an indefinite useful life. How should these two copyrights be reported on Sinise鈥檚 balance sheet as of December 31, 2017?

Raleigh Corp. has an investment with a carrying value (equity method) on its books of \(170,000 representing a 30% interest in Borg Company, which suffered a \)620,000 loss this year. How should Raleigh Corp. handle its proportionate share of Borg鈥檚 loss?


Question: (Accounting for Trade Name) In early January 2016, Outkast Corporation applied for a trade name, incurring legal costs of \(16,000. In January 2017, Outkast incurred \)7,800 of legal fees in a successful defense of its trade name.

Instructions

  1. Compute 2016 amortization, 12/31/16 book value, 2017 amortization, and 12/31/17 book value if the company amortizes the trade name over 10 years.
  2. Compute the 2017 amortization and the 12/31/17 book value, assuming that at the beginning of 2017, Outkast determines that the trade name will provide no future benefits beyond December 31, 2020.
  3. Ignoring the response for part (b), compute the 2018 amortization and the 12/31/18 book value, assuming that at the beginning of 2018, based on new market research, Outkast determines that the fair value of the trade name is \(15,000. Estimated total future cash flows from the trade name is \)16,000 on January 3, 2018.

Question: (Accounting for Organization Costs) Angelou Corporation was organized in 2016 and began operations at the beginning of 2017. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations.

Attorney fees in connection with organization of the company

\(15,000

Purchase of drafting and design equipment

10,000

Costs of meetings of incorporators to discuss organizational activities

7,000

State filing fees to incorporate

1,000

\)33,000

Instructions

  1. Compute the total amount of organization costs incurred by Angelou.
  2. Prepare the journal entry to record organization costs for 2017.

Hillsborough Co. has a held-to-maturity investment in the bonds of Schuyler Corp. with a carrying value of \(70,000. Hillsborough determined that due to poor economic prospects for Schuyler, the bonds have decreased in value to \)60,000. It is determined that this loss in value is uncollectible. Prepare the journal entry, if any, to record the reduction in value.
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