Ch. 11 Test Que 9. 10.00 points Brief Exercise 11-6 Amortization [LO11-4] On Jun

Question

Ch. 11 Test Que 9. 10.00 points Brief Exercise 11-6 Amortization [LO11-4] On June 28 Lexicon Corporation acquired 100% of the common stock of Gulf & Eastern The purchase ntangble assets using the straight-line method, no residual value, and a five year useful life What is the total amount of expenses (ignoring taxes) that would appear in Lexicon's income statement for following items $5 9 million, patent, $4 9 million, developed technology; $3 9 nprocess research and development $6.9 million, goodvall. Lexicon's policy is to amortize the year ended December 31 related to these items? (Enter your answers in whole dollars.) Amortiz Cost Selectexpense in current Patent 5,900,000 4,900,000 In-process research and development 3,900,000 Developed technology 6,900,000 Total amortization expense - curnent year Brisf Exercise 11,6 Amortizaion L011-41 TOSHIBA esc 2 3 4 5 tab

Explanation / Answer

Cost Useful life of asset Amortization expense Patent 5900000 5 1180000 Developed technology 4900000 5 980000 In process reasearch and development 3900000 5 780000 Goodwill 6900000 5 1380000 Total amortization expense current year 4320000

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