Homework Answers
| Working : | ||||
| 31-12-20 | Amortization expense | 84000+16000 | ||
| patents | 504000/6 | |||
| Franchise | 320000/10*1/2 | |||
| (To Record amortization expense) | ||||
| Ending Balances as at 31/12/2020 | ||||
| Patents | 504000-84000 | |||
| Goodwill | $ 360,000.00 | |||
| Franschise | 320000-16000 | |||
| Research and development expense | $ 171,000.00 | |||
| note : Amortization expense will be reduced from their value to ascertain ending balances | ||||
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Windsor, Inc., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent...
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Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) 4/1/20 Goodwill purchased (indefinite life) 7/1/20 10-year franchise 9/1/20 Research and development costs $595,000 360,000 480,000 185,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
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Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
Exercise 9-13 Kingbird, Inc. incurred the following costs in 2019. 1/2/19 Purchased patent (6-year life) 4/1/19...
Exercise 9-13 Kingbird, Inc. incurred the following costs in 2019. 1/2/19 Purchased patent (6-year life) 4/1/19 Goodwill purchased (indefinite life) 7/1/191 3-year franchise; expiration date 7/1/2032 9/1/19 Research and development costs $504,000 360,000 715,000 179,500 Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2019, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year:...
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year: Jan. 2 Patent bought that had an estimated useful life of 5-years for $325,000 Apr. 1 Goodwill was purchased as part of the acquisition of another company. It has an indefinite life and cost $360,000. July 1 Purchased a franchise that will last 9 years for $720,000. Sept. 1 Incurred research & development costs $185,000. Instructions (a) Prepare the necessary entries to record these...
Exercise 10-13 al-a2 (Part Level Submission) (Video) Sarasota Company, organized in 2020, has the following transactions...
Exercise 10-13 al-a2 (Part Level Submission) (Video) Sarasota Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (5-year life) $440,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 10-year franchise 320,000 9/1/20 Research and development costs 179,000 son (al) Your answer is partially correct. Try again. ssion) Prepare the necessary entries to record those intangibles. All costs incurred were for cash. Make the adjusting entries as of Decem (Credit account titles are automatically indented when...
Crane Company, organized in 2019, has set up a single account for all intangible assets. The...
Crane Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (9-year life) 4/1/20 Purchase goodwill (indefinite life) on date 7/1/30 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $407,700 363,000 443,000 171,600 233,000 $1,618,300 Prepare the necessary entry to clear the Intangible Assets account and to set...
Gladow Corporation began operations in 2020 and has these transactions related to intangible assets in that...
Gladow Corporation began operations in 2020 and has these
transactions related to intangible assets in that year:
Jan. 2
Purchased a patent (5-year life)
$276,000
Apr. 1
Goodwill purchased as part of an acquisition of another
company
$331,000
Jul. 1
Acquired a 9-year franchise; expiration date July 1, 2025
$496,800
Dec. 31
Determined that the recoverable amount of the patent and
franchise be $161,000 and $483,000 respectively. There was no
indication that the goodwill was impaired.
(a)
Your answer is...
Wildhorse Company, organized in 2019, has set up a single account for all intangible assets. The...
Wildhorse Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $360,800 361,000 441,000 169,200 231,000 $1,563,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Ivanhoe Company, organized in 2019, has set up a single account for all intangible assets. The...
Ivanhoe Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $310,800 4/1/20 Purchase goodwill (indefinite life) 354,000 434,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 160,800 8/1/20 Payment of copyright (5-year life) Research and development costs 9/1/20 224,000 $1,483,600 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) 4/1/20 Goodwill purchased (indefinite life) 7/1/20 10-year franchise 9/1/20 Research and development costs $595,000 360,000 480,000 185,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
Exercise 9-13 Kingbird, Inc. incurred the following costs in 2019. 1/2/19 Purchased patent (6-year life) 4/1/19 Goodwill purchased (indefinite life) 7/1/191 3-year franchise; expiration date 7/1/2032 9/1/19 Research and development costs $504,000 360,000 715,000 179,500 Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2019, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year: Jan. 2 Patent bought that had an estimated useful life of 5-years for $325,000 Apr. 1 Goodwill was purchased as part of the acquisition of another company. It has an indefinite life and cost $360,000. July 1 Purchased a franchise that will last 9 years for $720,000. Sept. 1 Incurred research & development costs $185,000. Instructions (a) Prepare the necessary entries to record these...
Exercise 10-13 al-a2 (Part Level Submission) (Video) Sarasota Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (5-year life) $440,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 10-year franchise 320,000 9/1/20 Research and development costs 179,000 son (al) Your answer is partially correct. Try again. ssion) Prepare the necessary entries to record those intangibles. All costs incurred were for cash. Make the adjusting entries as of Decem (Credit account titles are automatically indented when...
Crane Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (9-year life) 4/1/20 Purchase goodwill (indefinite life) on date 7/1/30 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $407,700 363,000 443,000 171,600 233,000 $1,618,300 Prepare the necessary entry to clear the Intangible Assets account and to set...
Gladow Corporation began operations in 2020 and has these
transactions related to intangible assets in that year:
Jan. 2
Purchased a patent (5-year life)
$276,000
Apr. 1
Goodwill purchased as part of an acquisition of another
company
$331,000
Jul. 1
Acquired a 9-year franchise; expiration date July 1, 2025
$496,800
Dec. 31
Determined that the recoverable amount of the patent and
franchise be $161,000 and $483,000 respectively. There was no
indication that the goodwill was impaired.
(a)
Your answer is...
Wildhorse Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $360,800 361,000 441,000 169,200 231,000 $1,563,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Ivanhoe Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $310,800 4/1/20 Purchase goodwill (indefinite life) 354,000 434,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 160,800 8/1/20 Payment of copyright (5-year life) Research and development costs 9/1/20 224,000 $1,483,600 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
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