Homework Answers
|
Date |
Accounts titles and Explanation | Debit ($) | Credit ($) |
| Dec. 31 | Loss from impaired goodwill | 3,656,700 | |
| Goodwill | 3,656,700 | ||
|
Date |
Accounts titles and Explanation | Debit ($) | Credit ($) |
| Dec. 31 | Amortization expense-Patents | 28,406.25 | |
| Patents ($454,500/12years)x(9month/12month) | 28,406.25 |
Patent cost is not clearly visible. I hope it is $454,500, so calculations are done accordingly. If it is different amount, please change that amount and calculate in the same pattern for correct answer.
Add Answer to:
8 6. BE.09-08.BLANKSHEET.ALGO (Algorithmic) Impaired goodwill and amortization of patent Instructions On December 31, it was...
6. BE.09-08.BLANKSHEET.ALGO (Algorithmic) Impaired goodwill and amortization of patent Instructions On December 31, it was estimated...
6. BE.09-08.BLANKSHEET.ALGO (Algorithmic) Impaired goodwill and amortization of patent Instructions On December 31, it was estimated that goodwill of $3,656,700 was impaired. In addition, a patent with an estimated usef A. Joumalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact B. Joumalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Acc account titles Chart of Accounts Instructions On December 31,t...
17. EX.09-20.BLANKSHEET.ALGO (Algorithmic) Amortization entries Instructions Kleen Company acquired patent rights on January 10 of Year...
17. EX.09-20.BLANKSHEET.ALGO (Algorithmic) Amortization entries Instructions Kleen Company acquired patent rights on January 10 of Year 1 for $940.500. The patent has a useful life equal to its lege Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Acec account titles. Chart of Accounts CHART OF ACCOUNTS Kleen Company General Ledger REVENUE 410 Sales 610 Interest...
16. EX.09-19.BLANKSHEET.ALGO (Algorithmic) Depletion entries Instructions Alaska Mining Co. acquired mineral nights for 30, a mining...
16. EX.09-19.BLANKSHEET.ALGO (Algorithmic) Depletion entries Instructions Alaska Mining Co. acquired mineral nights for 30, a mining Co. acquired mineral rights for $38,150,000. The mineral deposit is estimated at 21,800,000 tons. During Required: a. Determine the amount of depletion expense for the current year. D. Joumalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Account titles Chart of Accounts CHART OF ACCOUNTS Alaska Mining Co. General Ledger ASSETS 110 Cash 111 Petty Cash...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $45,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. Patents April 1 43,200 0 Cash 43,200 Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b....
Print Item Calculator Show Me How еВоок Impaired Goodwill and Amortization of Patent On December 31,...
Print Item Calculator Show Me How еВоок Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $30,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $115,200 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. Loss from Impaired Goodwill Deс. 31 Goodwill Feedbad TOhedk My Wo Recall that goodwill is not amortized because its useful life is indefinite...
On April 1, a patent with an estimated useful economic life of 12 years was acquired...
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was impaired. a. Record the acquisition of patent. Refer to the Chart of Accounts for exact wording of account titles. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles. C. Journalize the...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $72,000. In addition, on December 31, it was estimated that goodwill of $59,000 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was Impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require...
Instructions Analysis Equipment was acquired at the beginning of the year at a cost of $74,660....
Instructions Analysis Equipment was acquired at the beginning of the year at a cost of $74,660. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. What was the depreciation oxpanse for me first year? Assuming the squaman was sold at the end of the second year for $59,496, determine the grain orkass on sale of the Aquamant. Required: (a) What was the depreciation expense for...
Instructions Starting questions Chart of Accounts Journal Instructions Data related to the acquisition of timber rights...
Instructions Starting questions Chart of Accounts Journal Instructions Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A Timber rights on a tract of land were purchased for $3,461,120 on February 22. The stand of timber is estimated at 5,408,000 board feet. During the current year, 1,028,300 board feet of timber were cut and sold. B. On December 31, the company determined that $3,640,000 of goodwill was impaired...
6. BE.09-08.BLANKSHEET.ALGO (Algorithmic) Impaired goodwill and amortization of patent Instructions On December 31, it was estimated that goodwill of $3,656,700 was impaired. In addition, a patent with an estimated usef A. Joumalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact B. Joumalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Acc account titles Chart of Accounts Instructions On December 31,t...
17. EX.09-20.BLANKSHEET.ALGO (Algorithmic) Amortization entries Instructions Kleen Company acquired patent rights on January 10 of Year 1 for $940.500. The patent has a useful life equal to its lege Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Acec account titles. Chart of Accounts CHART OF ACCOUNTS Kleen Company General Ledger REVENUE 410 Sales 610 Interest...
16. EX.09-19.BLANKSHEET.ALGO (Algorithmic) Depletion entries Instructions Alaska Mining Co. acquired mineral nights for 30, a mining Co. acquired mineral rights for $38,150,000. The mineral deposit is estimated at 21,800,000 tons. During Required: a. Determine the amount of depletion expense for the current year. D. Joumalize the adjusting entry on December 31 to recognize the depletion expense. Refer to the Chart of Account titles Chart of Accounts CHART OF ACCOUNTS Alaska Mining Co. General Ledger ASSETS 110 Cash 111 Petty Cash...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $43,200. In addition, on December 31, it was estimated that goodwill of $45,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. Patents April 1 43,200 0 Cash 43,200 Feedback Check My Work Recall that goodwill is not amortized because its useful life is indefinite. b....
Print Item Calculator Show Me How еВоок Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $30,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $115,200 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. Loss from Impaired Goodwill Deс. 31 Goodwill Feedbad TOhedk My Wo Recall that goodwill is not amortized because its useful life is indefinite...
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was impaired. a. Record the acquisition of patent. Refer to the Chart of Accounts for exact wording of account titles. b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles. C. Journalize the...
Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000. In addition, on December 31, it was estimated that goodwill of $6,000,000 was Impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. If an amount box does not require...
Instructions Analysis Equipment was acquired at the beginning of the year at a cost of $74,660. The equipment was depreciated using the straight-line method based on an estimated useful life of six years and an estimated residual value of $7,920. What was the depreciation oxpanse for me first year? Assuming the squaman was sold at the end of the second year for $59,496, determine the grain orkass on sale of the Aquamant. Required: (a) What was the depreciation expense for...
Instructions Starting questions Chart of Accounts Journal Instructions Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A Timber rights on a tract of land were purchased for $3,461,120 on February 22. The stand of timber is estimated at 5,408,000 board feet. During the current year, 1,028,300 board feet of timber were cut and sold. B. On December 31, the company determined that $3,640,000 of goodwill was impaired...
Most questions answered within 3 hours.
-
(a) 2
NO2(g) à 2
NO(g) +
O2(g)
The rate law for this reaction
is 2nd...
asked 44 seconds ago -
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 7 minutes ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 8 minutes ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 21 minutes ago -
The African Adventures exhibit water system holds approximately
850,000 gallons (3.2x109 g) of water. The temperature...
asked 12 minutes ago -
which of the following is capital?
the barn a farmer uses to hold the chickens he...
asked 23 minutes ago -
Attribute
Sample Value
Sample Value
Sample Value
Sample Value
pirate_num
11
22
43
54
pirate_lname
James...
asked 16 minutes ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 33 minutes ago -
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 30 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 56 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 54 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 57 minutes ago