On July 1, 2020, Pronghorn Corporation purchased Young Company
by paying $252,100 cash and issuing a $146,000 note payable to
Steve Young. At July 1, 2020, the balance sheet of Young Company
was as follows.
|
Cash |
$50,900 |
Accounts payable |
$205,000 |
|||
|---|---|---|---|---|---|---|
|
Accounts receivable |
91,600 |
Stockholders’ equity |
243,200 |
|||
|
Inventory |
107,000 |
$448,200 |
||||
|
Land |
41,600 |
|||||
|
Buildings (net) |
75,600 |
|||||
|
Equipment (net) |
69,900 |
|||||
|
Trademarks |
11,600 |
|||||
|
$448,200 |
The recorded amounts all approximate current values except for land
(fair value of $60,100), inventory (fair value of $124,500), and
trademarks (fair value of $16,080).
Prepare the December 31 entry for Pronghorn Corporation to
record amortization of intangibles. The trademark has an estimated
useful life of 4 years with a residual value of $4,920.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts.)
Homework Answers
| Fair value of trademarks | 16080 | ||
| less:residual value | -4920 | ||
| depreciable value | 11160 | ||
| useful lfe | 4years | ||
| amortization expenses (11160/4) | 2790 | ||
| amortization expenses on 31 december = 2790*6/12 = 1395 | |||
| Journal entry | |||
| account titles & explanation | Debit | Credit | |
| amortization expenses | $ 1,395.00 | ||
| trademarks | $ 1,395.00 | ||
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