Homework Answers
| a | Goodwill is not amortized. | ||
| Debit | Credit | ||
| b | Amortization Expense | $ 11,400 | |
| Patents | $ 11,400 | ||
| (To record amortization = $102,600 / 9 Years) | |||
| c | Amortization Expense | $ 16,800 | |
| Franchises | $ 16,800 | ||
| (To record amortization = $268,800 / 8 years x 1/2 year) | |||
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Help Save & Exit Saved Submit 7 Assignment Check my work Required information The following information...
Required information The following information applies to the questions displayed below) The following information relates to...
Required information The following information applies to the questions displayed below) The following information relates to the intangible assets of University Testing Services (UTS) 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $2,847,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,550,000 a. Included in the assets purchased from Heinrich was a patent valued at $81,200. The original legal life of the patent was 20 years, there are 12 years...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,459,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,150,000. a. Included in the assets purchased from Heinrich was a patent valued at $93,600. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only...
Please Help! The following information concerns the intangible assets of Epstein Corporation: a. On June 30,...
Please Help!
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,820,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,550,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $84,600. The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be useful for another nine...
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed...
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,460,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,250,000. Included in the assets purchased from Johnstone was a patent that was valued at $73,800. The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be useful for another nine years. Epstein acquired a...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) (The following information applies to the questions displayed below.) points The following information relates to the intangible assets of Lettuce Express: eBook Print a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,510,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,359,000. b. Included in the assets purchased from Farmers Produce...
The following information concerns the intangible assets of Epstein Corporation: On June 30, 2021, Epstein completed...
The following information concerns the intangible assets of
Epstein Corporation:
On June 30, 2021, Epstein completed the acquisition of the
Johnstone Corporation for $1,880,000 in cash. The fair value of the
net identifiable assets of Johnstone was $1,600,000.
Included in the assets purchased from Johnstone was a patent
that was valued at $76,800. The remaining legal life of the patent
was 13 years, but Epstein believes that the patent will only be
useful for another eight years.
Epstein acquired a...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) The following information...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) The following information applies to the questions displayed below.] The following information relates to the Intangible assets of Lettuce Express: a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1.590,000 In cash. The fair value of the Identifiable net assets of Farmers Produce was $1,431,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein...
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,580,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,350,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $60,200. The remaining legal life of the patent was 12 years, but Epstein believes that the patent will only be useful for another seven years. c....
Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) (The following information...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) (The following information applies to the questions displayed below.) The following information relates to the intangible assets of Lettuce Express a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,470,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,323,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
Problem 11-8 Amortization; partial period (LO11-4) The following information concerns the intangible assets of Epstein Corporation...
Problem 11-8 Amortization; partial period (LO11-4) The following information concerns the intangible assets of Epstein Corporation a: On June 30, 2018, Epstein completed the acquisition of the Johnstone Corporation for $1.820.000 in cash The fair value of the net identifiable assets of lohnstone was $1,550,000 b Included in the assets purchased from Johnstone was a patent that was valued at 584,600 The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be...
Required information The following information applies to the questions displayed below) The following information relates to the intangible assets of University Testing Services (UTS) 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $2,847,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,550,000 a. Included in the assets purchased from Heinrich was a patent valued at $81,200. The original legal life of the patent was 20 years, there are 12 years...
The following information relates to the intangible assets of University Testing Services (UTS): 0. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,459,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,150,000. a. Included in the assets purchased from Heinrich was a patent valued at $93,600. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only...
Please Help!
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,820,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,550,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $84,600. The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be useful for another nine...
Check my work 17 Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) (The following information applies to the questions displayed below.) points The following information relates to the intangible assets of Lettuce Express: eBook Print a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,510,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,359,000. b. Included in the assets purchased from Farmers Produce...
The following information concerns the intangible assets of
Epstein Corporation:
On June 30, 2021, Epstein completed the acquisition of the
Johnstone Corporation for $1,880,000 in cash. The fair value of the
net identifiable assets of Johnstone was $1,600,000.
Included in the assets purchased from Johnstone was a patent
that was valued at $76,800. The remaining legal life of the patent
was 13 years, but Epstein believes that the patent will only be
useful for another eight years.
Epstein acquired a...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (LO7-5) The following information applies to the questions displayed below.] The following information relates to the Intangible assets of Lettuce Express: a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1.590,000 In cash. The fair value of the Identifiable net assets of Farmers Produce was $1,431,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
The following information concerns the intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,580,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,350,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $60,200. The remaining legal life of the patent was 12 years, but Epstein believes that the patent will only be useful for another seven years. c....
Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) (The following information applies to the questions displayed below.) The following information relates to the intangible assets of Lettuce Express a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,470,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,323,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
Problem 11-8 Amortization; partial period (LO11-4) The following information concerns the intangible assets of Epstein Corporation a: On June 30, 2018, Epstein completed the acquisition of the Johnstone Corporation for $1.820.000 in cash The fair value of the net identifiable assets of lohnstone was $1,550,000 b Included in the assets purchased from Johnstone was a patent that was valued at 584,600 The remaining legal life of the patent was 14 years, but Epstein believes that the patent will only be...
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