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Pharoah Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1...
Exercise 9-9 a-b Ivanhoe Corporation has the following selected transactions during the year ended December 31,...
Exercise 9-9 a-b Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $112,260 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Acquired a franchise with a contract period of nine years for $585,360; the expiration date is March 1, 2027. Paid cash of $36,670 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark for...
These are selected 2022 transactions for Blue Corporation: Jan. 1 Purchased a copyright for $84,000. The...
These are selected 2022 transactions for Blue Corporation: Jan. 1 Purchased a copyright for $84,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $27,000. Sept. 1 Purchased a small company and recorded goodwill of $114.000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Novak Corporation: Jan. 1 Purchased a copyright for $111,000. The...
These are selected 2022 transactions for Novak Corporation: Jan. 1 Purchased a copyright for $111,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $48,000. Sept. 1 Purchased a small company and recorded goodwill of $141,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Martinez Corporation: Jan. 1 Purchased a copyright for $105,000. The...
These are selected 2022 transactions for Martinez Corporation: Jan. 1 Purchased a copyright for $105,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Sept. 1 Purchased a small company and recorded goodwill of $135,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Bramble Corporation: Purchased a copyright for $153,000. The copyright has...
These are selected 2022 transactions for Bramble Corporation: Purchased a copyright for $153,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Jan. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $96,000. Mar. 1 Purchased a small company and recorded goodwill of $183,000. Its useful life is indefinite. Sept. 1 Prepare all adjusting entries at December 31 to record amortization...
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here....
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here. Patents (579,900 cost less $7.990 amortization) Copyrights ($53,000 cost less $41,500 amortization) Total $73.400 11.500 $84.900 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Pald $36,000 legal costs...
Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased...
Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Cre! red. Do not indent manually. If no entry is required, select "No entry" for the...
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here....
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here. Patents ($71,800 cost less $7,180 amortization) $63,400 Copyrights ($50,500 cost less $39,400 amortization) 11,100 $74,500 Total The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan Paid $45,000 legal costs to...
These are selected 2022 transactions for Culver Corporation: Jan. 1 Purchased a copyright for $135,000. The...
These are selected 2022 transactions for Culver Corporation: Jan. 1 Purchased a copyright for $135,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $78,000. Sept. 1 Purchased a small company and recorded goodwill of $165,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and...
EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and records adjusting entries annually. Sold a delivery truck for $16.310 cash. The truck cost $57.930 when it was purchased on January 1, 2015, and was depreciated based on a four year useful life with a $6,310 residual value. an. 1 Sold computers that were purchased on January 1, 2016. They cost $10,476 and had a useful life of three years with no residual value....
Exercise 9-9 a-b Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $112,260 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Acquired a franchise with a contract period of nine years for $585,360; the expiration date is March 1, 2027. Paid cash of $36,670 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark for...
These are selected 2022 transactions for Blue Corporation: Jan. 1 Purchased a copyright for $84,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $27,000. Sept. 1 Purchased a small company and recorded goodwill of $114.000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Novak Corporation: Jan. 1 Purchased a copyright for $111,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $48,000. Sept. 1 Purchased a small company and recorded goodwill of $141,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Martinez Corporation: Jan. 1 Purchased a copyright for $105,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Sept. 1 Purchased a small company and recorded goodwill of $135,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Bramble Corporation: Purchased a copyright for $153,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Jan. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $96,000. Mar. 1 Purchased a small company and recorded goodwill of $183,000. Its useful life is indefinite. Sept. 1 Prepare all adjusting entries at December 31 to record amortization...
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here. Patents (579,900 cost less $7.990 amortization) Copyrights ($53,000 cost less $41,500 amortization) Total $73.400 11.500 $84.900 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Pald $36,000 legal costs...
Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Cre! red. Do not indent manually. If no entry is required, select "No entry" for the...
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here. Patents ($71,800 cost less $7,180 amortization) $63,400 Copyrights ($50,500 cost less $39,400 amortization) 11,100 $74,500 Total The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan Paid $45,000 legal costs to...
EACIIBE Presented here are selected transactions for Sheridan Limited for 2018. Sheridan uses straight-line depreciation and records adjusting entries annually. Sold a delivery truck for $16.310 cash. The truck cost $57.930 when it was purchased on January 1, 2015, and was depreciated based on a four year useful life with a $6,310 residual value. an. 1 Sold computers that were purchased on January 1, 2016. They cost $10,476 and had a useful life of three years with no residual value....
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