Question

word, phrase, jingle, or symbol that distinguishes and identifies a particular enterprise or product. Trademarks and trade names have tremendous value to companies and are vigorously defended. The legal life of these intangibles is 20 years, and they may be renewed indefinitely as long as they are in use. If they are purchased, then the cost is the purchase price. If they are developed, then the cost includes attorney's fees, registration fees, design costs, successful legal defense costs, and other such expenditures. Because trademarks and trade names have indefinite lives, they are not amortized.

Answer 1

A trademark is a symbol or name that distinguishes and identifies a particular enterprise or product. It has a legal life of 20 years, can be renewed indefinitely, and is not amortized. It can be purchased or developed, with costs varying depending on the method.

Step-by-step explanation:

A trademark is a word, phrase, jingle, or symbol that distinguishes and identifies a particular enterprise or product. It is an identifying symbol or name that represents a company or product. Trademarks have tremendous value to companies and are vigorously defended. They are granted on form and style, not the actual idea.

Trademarks have a legal life of 20 years and may be renewed indefinitely as long as they are in use. The cost of a trademark depends on whether it is purchased or developed. If purchased, the cost is the purchase price. If developed, it includes attorney's fees, registration fees, design costs, successful legal defense costs, and other expenditures.

Due to their indefinite lives, trademarks are not amortized. A firm can renew a trademark repeatedly as long as it remains in active use.