which of the following is an intangible asset machinery course hero

What is the carrying amount of equipment at the end of year 2?

At the end of Year 2, the equipment is determined to have a recoverable amount of $2,000 and its carrying amount is $1,800. What would be included in the journal entry to record the reversal of impairment loss of Green Company at the end of Year 2? Which IAS provides the primary guidance on accounting for intangible assets?

What is the fair value of the acquiree's assets?

In an acquisition, the consideration transferred amount is $240,000 and the noncontrolling interest is $12,500. The fair value of the acquiree's identifiable net assets is $260,000.

What is an asset?

The asset is a broadcasting license with an indefinite useful life. The asset is an office park that is being rented to a tenant. The asset is 100 hectares of young trees that will eventually be turned into wood products.

What are intangible assets?

What is historical cost of buildings and improvements?

What is capital expenditure?

When does depreciation not need to be recorded?

Can a government depreciate infrastructure assets?

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Chapter 5 - Test 2 Flashcards | Quizlet

38) During the year, a wealthy local merchant donated a building to the city of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000.

Chapter 5 Multiple choice ACTY 4140 Flashcards | Quizlet

Study with Quizlet and memorize flashcards containing terms like Under GASB Standards which of the following would be considered an example of an intangible asset?, Two new copiers were purchased for use by the city clerk's office using General Fund resources. The copiers cost $15,000 each; the city's capitalization threshold is $5,000. Which of the following entries would be required to ...

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What are intangible assets?

Intangible Assets are defined by the GASB as capital assets that lack physical substance, have a useful life of more than one accounting period, and are non-financial in nature. Examples of government intangible assets include patents, copyrights, easements, water rights and computer software. The GASB standards allow for recognition of intangible assets if the asset is separable or if the asset arises from contractual or other legal rights.

What is historical cost of buildings and improvements?

Historical cost of buildings and improvements acquired by purchase includes the cost of purchased items, as well as legal and other costs necessary to put the capital asset into acceptable condition for its intended use.

What is capital expenditure?

Capital expenditures equal to the capitalizable cost of the fixed asset regardless of the amount of lease payments made during the year.

When does depreciation not need to be recorded?

Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or above the established condition level.

Can a government depreciate infrastructure assets?

under the modified approach, a government can elect not to depreciate certain eligible infrastructure assets, provided that the two requirements are met.

What are intangible assets?

Intangible Assets are defined by the GASB as capital assets that lack physical substance, have a useful life of more than one accounting period, and are non-financial in nature. Examples of government intangible assets include patents, copyrights, easements, water rights and computer software. The GASB standards allow for recognition of intangible assets if the asset is separable or if the asset arises from contractual or other legal rights.

What is historical cost of buildings and improvements?

Historical cost of buildings and improvements acquired by purchase includes the cost of purchased items, as well as legal and other costs necessary to put the capital asset into acceptable condition for its intended use.

What is capital expenditure?

Capital expenditures equal to the capitalizable cost of the fixed asset regardless of the amount of lease payments made during the year.

When does depreciation not need to be recorded?

Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or above the established condition level.

Can a government depreciate infrastructure assets?

under the modified approach, a government can elect not to depreciate certain eligible infrastructure assets, provided that the two requirements are met.