Impairment of an intangible a company purchased a trademark several years ago for $60,000. As the company considered the trademark to have an indefinite life. the trademark has a carry value of $60,000. At the end of the qu current year, the company determines that the fair value of the trademark is $20,000. An entry is k 总 needed to record the $40000 loss in fair value Impairment Loss on Trademark 40,000 Trademark 40.000
Impairment of an Intangible A company purchased a trademark several years ago for $60,000. As the company considered the trademark to have an indefinite life, the trademark has a carry value of $60,000. At the end of the current year, the company determines that the fair value of the trademark is $20,000. An entry is needed to record the $40,000 loss in fair value. Impairment Loss on Trademark 40,000 Trademark 40,000 Intermediate Accounting 9 Intangibles
2. Research and development Costs Research is the planned search or critical investigation aimed at discovery of new knowledge Development is the translation of research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process
2. Research and Development Costs • Research is the planned search or critical investigation aimed at discovery of new knowledge. • Development is the translation of research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process. Intermediate Accounting 9 Intangibles