ACT 205 Lecture Notes - Lecture 16: United States Copyright Office, Intangible Asset, Income Statement
Document Summary
Rights, privileges, and competitive advantages that result from ownership of long- lived assets that do not possess physical substance. When we expense intangible assets over their useful lives, we call it amortization. Companies can either purchase or create intangible assets internally. *record purchased intangible assets at their original cost plus all other costs, such as legal and filing fees, necessary to get the asset ready for use. *most of the costs for internally developed intangible assets are expensed to the income statement as they are incurred. 20 years that you can manufacture a product. Exclusive right to manufacture a product or use a process. Legal and filing fees to secure the patent. Costs of successfully defending a patent in court. An exclusive right of protection given by the u. s. Copyright office to the creator of a published work such as a song, film, painting, photograph, book, or computer software.
