Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Oct 1 | Patent | 1237000 | |
| Cash | 1237000 | ||
| Dec 31 | Amortization expense (1237000/5*3/12) | 61850 | |
| Accumulated amortization | 61850 | ||
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On Odober 1. Miracle Apps paid $1,237,000 gure a potent on software Miracle Apps expects the...
Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record d...
Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent Journal Entry Date Accounts Debit Credit Patents Cash Record (b) the amortization of the patent for year 1 Journal Entry Date Accounts Debit Credit Amortization Expense-Patents Patents Requirement 2. Once Murley learned of the competing printer and adjusted the expected future...
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The...
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The rest expense for each month is $330. The loan agreement s Thompson is to pay interest on December 31 1. 2. 3. Make Thompson 's adjusting entry to cou r t expense and interest gyobi Odober 31. November 30 and at December 31 Date each entry and includes explanation Post all three nines to the Payable account. You need to take the balance of...
Help On January 1, Falk Company signed a contract to lease space in a building for...
Help On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $231,000. Required: Prepare entries for Falk to record () the lease asset and obligation at January 1, and December 31 of the first year. the $77,000 straight-line amortization at View transaction list Journal entry worksheet Record lease asset and obligation. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 Record...
7. Milano Gallery purchases the copyright on an oil painting for $360,000 on January 1, 2017....
7. Milano Gallery purchases the copyright on an oil painting for
$360,000 on January 1, 2017. The copyright legally protects its
owner for 10 more years. The company plans to market and sell
prints of the original for 19 years.
Prepare entries to record the purchase of the copyright on January
1, 2017, and its annual amortization on December 31, 2017.
Journal entry worksheet Record the purchase of the copyright on an oil painting for $360,000 cash. Note: Enter...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
On October 1, 2016. Innovation Company purchased a patent for $180,000 cash. Although the patent gives...
On October 1, 2016. Innovation Company purchased a patent for $180,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to used for only six years Requirements 1. Journalize the purchase of the patent 2. Journalize the amortization expense for the year ended December 31, 2016. Assume straight-line amortization Requirement 1. Journalize the purchase of the patent (Record debits first then credits. Select the explanation on the last line of the journal entry table) Date...
On October 1, 2024, Kitchen Design paid $15,000 for store rent covering the six-month period ending...
On October 1, 2024, Kitchen Design paid $15,000 for store rent covering the six-month period ending March 31, 2025. Requirements 1. Journalize the entry on October 1 by using the alternative treatment of deferred expenses. 2. Record the December 31, 2024 adjusting entry. Requirement 1. Journalize the entry on October 1 by using the alternative treatment of deferred expenses. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation...
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,...
On January 1, 2019, Shay Company issues $320,000 of 9%, 20-year bonds. The bonds sell for...
On January 1, 2019, Shay Company issues $320,000 of 9%, 20-year bonds. The bonds sell for $309,600. Six years later, on January 1, 2025, Shay retires these bonds by buying them on the open market for $335,200. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize any bond discount. 1. What is the amount of the discount on the bonds at issuance? 2. How much amortization...
Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording (a) the purchase of the patent Journal Entry Date Accounts Debit Credit Patents Cash Record (b) the amortization of the patent for year 1 Journal Entry Date Accounts Debit Credit Amortization Expense-Patents Patents Requirement 2. Once Murley learned of the competing printer and adjusted the expected future...
Thompson Inc. borrowed 199.000 on October 1 by signing ance payable to Neighbourhood One Bank. The rest expense for each month is $330. The loan agreement s Thompson is to pay interest on December 31 1. 2. 3. Make Thompson 's adjusting entry to cou r t expense and interest gyobi Odober 31. November 30 and at December 31 Date each entry and includes explanation Post all three nines to the Payable account. You need to take the balance of...
Help On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $231,000. Required: Prepare entries for Falk to record () the lease asset and obligation at January 1, and December 31 of the first year. the $77,000 straight-line amortization at View transaction list Journal entry worksheet Record lease asset and obligation. Note: Enter debits before credits General Journal Debit Credit Date Jan 01 Record...
7. Milano Gallery purchases the copyright on an oil painting for
$360,000 on January 1, 2017. The copyright legally protects its
owner for 10 more years. The company plans to market and sell
prints of the original for 19 years.
Prepare entries to record the purchase of the copyright on January
1, 2017, and its annual amortization on December 31, 2017.
Journal entry worksheet Record the purchase of the copyright on an oil painting for $360,000 cash. Note: Enter...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
On January 1, 2017, Nar Company purchased a patent for $350,000 from a medial researcher who had developed a new drug for preventing skin cancer. At the time of the purchase, the patent had a remaining useful life of 7 years. 1. Prepare the journal entry to record Nar's purchase of the patent. 2. Prepare the journal entry to record amortization of the patent on December 31, 2017. 3. At the end of 2020, after amortization had been recorded through...
On October 1, 2016. Innovation Company purchased a patent for $180,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to used for only six years Requirements 1. Journalize the purchase of the patent 2. Journalize the amortization expense for the year ended December 31, 2016. Assume straight-line amortization Requirement 1. Journalize the purchase of the patent (Record debits first then credits. Select the explanation on the last line of the journal entry table) Date...
On October 1, 2024, Kitchen Design paid $15,000 for store rent covering the six-month period ending March 31, 2025. Requirements 1. Journalize the entry on October 1 by using the alternative treatment of deferred expenses. 2. Record the December 31, 2024 adjusting entry. Requirement 1. Journalize the entry on October 1 by using the alternative treatment of deferred expenses. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation...
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,...
On January 1, 2019, Shay Company issues $320,000 of 9%, 20-year bonds. The bonds sell for $309,600. Six years later, on January 1, 2025, Shay retires these bonds by buying them on the open market for $335,200. All interest is accounted for and paid through December 31, 2024, the day before the purchase. The straight-line method is used to amortize any bond discount. 1. What is the amount of the discount on the bonds at issuance? 2. How much amortization...
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