Rogan Ltd acquired two copyrights during 2022. One copyright related to a textbook that was developed internally at a co
Posted: Sat Feb 19, 2022 2:31 pm
Rogan Ltd acquired two copyrights during 2022. One copyright
related to a textbook that was developed internally at a cost of
$12,000. This book is estimated to have a useful life of 5 years
from 1 September 2022, the date it was published. The second
copyright was purchased from the Macquarie University Press on 1
December 2022 for $21,000. This book, which analyses Aboriginal
history in Tasmania prior to 1900, is considered to have an
indefinite useful life.
Required
Explain how these two copyrights should be reported with reference
to AASB138 requirements in the statement of financial position of
Rogan Ltd at 30 June 2023. Please state the amounts that these two
copyrights are recorded and any related amortisation charges per
annum.
(3 marks)
related to a textbook that was developed internally at a cost of
$12,000. This book is estimated to have a useful life of 5 years
from 1 September 2022, the date it was published. The second
copyright was purchased from the Macquarie University Press on 1
December 2022 for $21,000. This book, which analyses Aboriginal
history in Tasmania prior to 1900, is considered to have an
indefinite useful life.
Required
Explain how these two copyrights should be reported with reference
to AASB138 requirements in the statement of financial position of
Rogan Ltd at 30 June 2023. Please state the amounts that these two
copyrights are recorded and any related amortisation charges per
annum.
(3 marks)