Problem 9-19A Intangible assets LO7 On October 1, 2020, Kingsway Broadcasting purchased for $400,000 the copyright...
Problem 9-19A Intangible assets LO7
On October 1, 2020, Kingsway Broadcasting purchased for $400,000
the copyright to publish the music composed by a local Celtic
group. Kingsway expects the music to be sold over the next four
years. The company uses the straight-line method to amortize
intangibles.
Required:
Prepare entries to record:
a. The purchase of the copyright.
b. The amortization for the year ended December
31, 2020, calculated to the nearest whole month.
Homework Answers
| A | Copyright | $400,000 | |
| Cash | 400,000 | ||
| B | Amortization expense - Copyright | 25,000 | |
| Accumulated amortization | 25,000 | ||
| (400,000/4)*3/12 | |||
Comment if you face any issues
Add Answer to:
Problem 9-19A Intangible assets LO7
On October 1, 2020, Kingsway Broadcasting purchased for $400,000
the copyright...
Problem 9-19A Intangible assets LO7 On October 1, 2020, Kingsway Broadcasting purchased for $330,000 the copyright...
Problem 9-19A Intangible assets LO7 On October 1, 2020, Kingsway Broadcasting purchased for $330,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next six years. The company uses the straight-line method to amortize intangibles. Required: Prepare entries to record: a. The purchase of the copyright View transaction list Journal entry worksheet Record purchase of copyright. Note: Enter debits before credits General Journal Debit Credit Dato Oct 01,...
CHECK FIGURE: 6. $24,000 On October 1, 2020. Kingsway Broadcasting purchased for $288.000 the copyright to...
CHECK FIGURE: 6. $24,000 On October 1, 2020. Kingsway Broadcasting purchased for $288.000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next three years. The company uses the straight-line method to amortize intangibles. Page 679 Required Prepare entries to record: a. The purchase of the copyright b. The amortization for the year ended December 31. 2020. calculated to the nearest whole month
On October 1, 2017, Kingsway Broadcasting purchased for $400,000 the copyright to publish the music composed...
On October 1, 2017, Kingsway Broadcasting purchased for $400,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next four years. The company uses the straight-Jine method to amortize intangibles. Required: Prepare entries to record: a. The purchase of the copyright. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record purchase of...
Problem 9-18A Partial year's depreciation; alternative methods; exchange/disposal of PPE LO2, 3, 6 CHECK FIGURES: a....
Problem 9-18A Partial year's depreciation; alternative methods; exchange/disposal of PPE LO2, 3, 6 CHECK FIGURES: a. Machine 1550 - $6,075; Machine 1795 - $22.646: Machine BT-311 = $77,810 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1. 2020, at an installed cost of $52.900. Its useful life was estimated to be six years with a $4.300 trade in value. Straight-line depreciation was recorded for the machine at the ends of 2020...
please full calculation and explanation os 9-19 Intangible assets and amortization LO7 Assume Barrick Gold Corporation...
please full calculation and explanation
os 9-19 Intangible assets and amortization LO7 Assume Barrick Gold Corporation purchased mineral rights for a gold mine in Peru on October 1, 2017. by paying cash rick also paid $4,000,000 cash for water rights needed to mine the gold. Barrick is planning to mine this of $5,000,000 and incurring a non-current note payable for the $30,000,000 balance. Bar- area for 10 years. Record the purchase of the mineral rights and water rights on October...
Thank you again!:) Problem 9-19A Intangible assets L02,3,6,7 CHECK FIGURES: 2. Accum. Anort, Mineral Rights $57.200,...
Thank you again!:)
Problem 9-19A Intangible assets L02,3,6,7 CHECK FIGURES: 2. Accum. Anort, Mineral Rights $57.200, Accum. Deprec., Equip. $224,400: $87,450 Accum. Deprec., Truck pper Explorations recently acquired the rights to mine a new site. Equipment and a truck Co d to begin mining operations at the site. Details of the mining assets follow: Date of Purchase Mar. 1/17 Mar. 1/17 Mar. 1/17 Est. Life 4 yrs 4 yrs 4 yrs Asset Cost Est. Residual Mineral rights Equipment Truck $62,400...
1- Sunland Company, organized in 2019, has set up a single account for all intangible assets. The following summary disc...
1-
Sunland 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)
$305,900
4/1/20
Purchase goodwill (indefinite life)
347,000
7/1/20
Purchased franchise with 10-year life; expiration date
7/1/30
427,000
8/1/20
Payment of copyright (5-year life)
152,400
9/1/20
Research and development costs
217,000
$1,449,300
a:Prepare the necessary entry to clear the Intangible Assets
account and to set up separate...
Problem 9-19A Intangible assets LO7 On October 1, 2020, Kingsway Broadcasting purchased for $330,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next six years. The company uses the straight-line method to amortize intangibles. Required: Prepare entries to record: a. The purchase of the copyright View transaction list Journal entry worksheet Record purchase of copyright. Note: Enter debits before credits General Journal Debit Credit Dato Oct 01,...
CHECK FIGURE: 6. $24,000 On October 1, 2020. Kingsway Broadcasting purchased for $288.000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next three years. The company uses the straight-line method to amortize intangibles. Page 679 Required Prepare entries to record: a. The purchase of the copyright b. The amortization for the year ended December 31. 2020. calculated to the nearest whole month
On October 1, 2017, Kingsway Broadcasting purchased for $400,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next four years. The company uses the straight-Jine method to amortize intangibles. Required: Prepare entries to record: a. The purchase of the copyright. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record purchase of...
Problem 9-18A Partial year's depreciation; alternative methods; exchange/disposal of PPE LO2, 3, 6 CHECK FIGURES: a. Machine 1550 - $6,075; Machine 1795 - $22.646: Machine BT-311 = $77,810 Zephyr Minerals completed the following transactions involving machinery. Machine No. 1550 was purchased for cash on April 1. 2020, at an installed cost of $52.900. Its useful life was estimated to be six years with a $4.300 trade in value. Straight-line depreciation was recorded for the machine at the ends of 2020...
please full calculation and explanation
os 9-19 Intangible assets and amortization LO7 Assume Barrick Gold Corporation purchased mineral rights for a gold mine in Peru on October 1, 2017. by paying cash rick also paid $4,000,000 cash for water rights needed to mine the gold. Barrick is planning to mine this of $5,000,000 and incurring a non-current note payable for the $30,000,000 balance. Bar- area for 10 years. Record the purchase of the mineral rights and water rights on October...
Thank you again!:)
Problem 9-19A Intangible assets L02,3,6,7 CHECK FIGURES: 2. Accum. Anort, Mineral Rights $57.200, Accum. Deprec., Equip. $224,400: $87,450 Accum. Deprec., Truck pper Explorations recently acquired the rights to mine a new site. Equipment and a truck Co d to begin mining operations at the site. Details of the mining assets follow: Date of Purchase Mar. 1/17 Mar. 1/17 Mar. 1/17 Est. Life 4 yrs 4 yrs 4 yrs Asset Cost Est. Residual Mineral rights Equipment Truck $62,400...
1-
Sunland 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)
$305,900
4/1/20
Purchase goodwill (indefinite life)
347,000
7/1/20
Purchased franchise with 10-year life; expiration date
7/1/30
427,000
8/1/20
Payment of copyright (5-year life)
152,400
9/1/20
Research and development costs
217,000
$1,449,300
a:Prepare the necessary entry to clear the Intangible Assets
account and to set up separate...
Most questions answered within 3 hours.
-
Tucson Machinery, Inc., manufactures numerically controlled
machines, which sell for an average price of $0.5 million...
asked 16 seconds from now -
Review the referenced paper by Melse (2008). Describe the
research question being addressed. Discuss the methods...
asked 4 minutes ago -
Please do all parts. I don't want to hear your as per guidelines
stuff. Do if...
asked 14 minutes ago -
1. Why is Hardy-Weinberg Theorum important? How can we
test whether a population is in H-W...
asked 14 minutes ago -
A sample of 3 is selected from 9 cards. How many permutation is
possible? Show Work.
asked 27 minutes ago -
Identify a commercial data mining software product (e.g., SAS)
and an open-source data mining product (e.g.,...
asked 30 minutes ago -
Following are the capital account balances for the William,
Jennings, and Bryan partnership:
William (40% of...
asked 22 minutes ago -
An investment project provides cash inflows of $770 per year for
11 years.
a. What is...
asked 30 minutes ago -
About the lecture of human resource management, give me the
process and schedule of how the...
asked 28 minutes ago -
A fair D10 die is rolled 100 times. What is the probability of
rolling five 1s,...
asked 41 minutes ago -
Other than hydrogen bonding, what is the major interaction that
causes proteins to fold into compact,...
asked 41 minutes ago -
In an RC circuit, the total resistance is 1 k ohm and the
battery voltage is...
asked 47 minutes ago