Fuzziwig's Candles has two intangible assets.Information concerning each is provided in the following table:
$\begin{array}{lll}
& \underline { \text { Goodwill } }& \underline {\text { Trademak } }\
\text { Date of purchase } & \text { June 30, 2012 } & \text { Jamuary 1, 2012 } \
\text { Cost } & \$ 500,000 & \$ 250,000 \
\text { Legal life } & \text { None } & 10 \text { years }\
\text { Useful life } & 40 \text { years } & 5\text { years }\
\end{array}$ Calculate the amount of amortization expense that should be reported for 2012.

Question

Fuzziwig's Candles has two intangible assets.Information concerning each is provided in the following table:
 $\begin{array}{lll}
& \underline { \text { Goodwill } }& \underline {\text { Trademak } }\
\text { Date of purchase } & \text { June 30, 2012 } & \text { Jamuary 1, 2012 } \
\text { Cost } & \$ 500,000 & \$ 250,000 \
\text { Legal life } & \text { None } & 10 \text { years }\
\text { Useful life } & 40 \text { years } & 5\text { years }\
\end{array}$ Calculate the amount of amortization expense that should be reported for 2012.

Quizplus · Accepted Answer

The Answer of Fuzziwig's Candles has two intangible assets.Information concerning each is provided in the following table:
 $\begin{array}{lll}
& \underline { \text { Goodwill } }& \underline {\text { Trademak } }\
\text { Date of purchase } & \text { June 30, 2012 } & \text { Jamuary 1, 2012 } \
\text { Cost } & \$ 500,000 & \$ 250,000 \
\text { Legal life } & \text { None } & 10 \text { years }\
\text { Useful life } & 40 \text { years } & 5\text { years }\
\end{array}$ Calculate the amount of amortization expense that should be reported for 2012.

Fuzziwig's Candles Has Two Intangible Assets Calculate the Amount of Amortization Expense That Should Be Reported