Homework Answers
| C | Amount of Amortization | $5,233 | |
| ($40,700 - $4,070)/7 | |||
| D | Gain(Loss) = ($3,081) | ||
| Cost | $40,700 | ||
| Amount of Amortization 2016 | $4,070 | ||
| Amount of Amortization 2017 | $5,233 | ||
| Amount of Amortization 2018 | $2,617 | ||
| $28,781 | |||
| Sale Value | $25,700 | ||
| Loss | -$3,081 | ||
| E | |||
| Date | General Journal | Debit | Credit |
| June 30, 2018 | Cash | $25,700 | |
| Loss on sale of Patent | $3,081 | ||
| Patent | $28,781 | ||
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Martinez, Inc. acquired a patent on January 1, 2016 for $40,700 cash. The patent was estimated...
Martinez, Inc. acquired a patent on January 1, 2016 for $40,500 cash. The patent was estimated...
Martinez, Inc. acquired a patent on January 1, 2016 for $40,500 cash. The patent was estimated to have a useful life of 10 years with no res idual value. On December 31, 2017, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years (with that new estimate being effective as of January 1. 2017), On June 30.2018, the patent was s entry is required for a transaction/event, select "No Journal Entry Required...
Martinez, Inc. acquired a patent on January 1, 2017 for $4900 cash. The patent was estimated...
Martinez, Inc. acquired a patent on January 1, 2017 for $4900 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2018, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years with that new estimate being effective as of January 1, 2018). On June 30, 2019, the patent was sold for $26.900. Required: a. Prepare the journal entry to record the...
Martinez, Inc. acquired a patent on January 1, 2017 for $42,000 cash. The patent was estimated...
Martinez, Inc. acquired a patent on January 1, 2017 for $42,000 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2018, before any adjustments were recorded for the year, management determined that the remaining useful life was 6 years (with that new estimate being effective as of January 1, 2018). On June 30, 2019, the patent was sold for $27,000. Required: a. Prepare the journal entry to record the...
Please detail all final answers! e. Prepare the journal entry to record the sale of the patent...
Please detail all final answers!
e.
Prepare the journal entry to record the sale of the patent on
June 30, 2018.
Martinez, Inc. acquired ล patent on January 1 , 2016 for S40, 300 cash. The patent was estrated to have ล useful life: af 10 years with rar val O Decmber 31, 2017, bfreany astrmenls were recorded for the year, management detemined that the remaining ueeful life was 7 years (with that new astimate being effective as of January...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The bonds have a face amount of $60 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question by entering your answers in the tabs below...
thanks Nordic Company issued bonds with the following provisions: Maturity value: $60,000,000 Interest: 7.9 percent per...
thanks
Nordic Company issued bonds with the following provisions: Maturity value: $60,000,000 Interest: 7.9 percent per annum payable semi-annually each June 30 and December 31. Terms: Bonds dated January 1, 2017, due five years from that date. The company's fiscal year ends on December 31. The bonds were sold on January 1, 2017, at a yield of 8 percent. Required: 1. Compute the issue (sale) price of the bonds. (Round time value factor to 4 decimal places. Round the final...
See all photos + Add to On January 1, a company purchased 5%, 10 year corporate...
See all photos + Add to On January 1, a company purchased 5%, 10 year corporate bonds for $55,537,005 as an investment. The bonds have a face amount of 560 million and are priced to yield 6%. Interest is paid semiannually 5.83 Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question...
Check my work On January 1, a company purchased 2%, 10-year corporate bonds for $58,553,901 as...
Check my work On January 1, a company purchased 2%, 10-year corporate bonds for $58,553,901 as an investment. The bonds have a face amount of $70 million and are priced to yield 4%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31, Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31. Complete this question by entering your answers in...
Rakko, Inc. acquired a patent on January 1 for $70,000 cash. The patent was estimated to...
Rakko, Inc. acquired a patent on January 1 for $70,000 cash. The patent was estimated to have a useful life of 14 years with no residual value. Required: Parta. Prepare the journal entry to record the acquisition of the patent on January 1. Part b. Prepare the journal entry to record the annual amortization as of Dec 31. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table...
Banjo Education Corp. issued a 4% $100.000 bond that pays interest semiannually each June 30 and...
Banjo Education Corp. issued a 4% $100.000 bond that pays interest semiannually each June 30 and December 31 The date of issuance was January 1, 2017 The bonds mature after four years. The market interest rate was 6% Banjo Education Corp's year-end is December 31. (Use TABLE 14A1 and TABLE 14A2) Required: Preparation Component: 1. Calculate the issue price of the bond. (Use appropriate factor(s) from the tables provided. Round the final answer to the nearest whole dollar.) Issue price...
Martinez, Inc. acquired a patent on January 1, 2016 for $40,500 cash. The patent was estimated to have a useful life of 10 years with no res idual value. On December 31, 2017, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years (with that new estimate being effective as of January 1. 2017), On June 30.2018, the patent was s entry is required for a transaction/event, select "No Journal Entry Required...
Martinez, Inc. acquired a patent on January 1, 2017 for $4900 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2018, before any adjustments were recorded for the year, management determined that the remaining useful life was 7 years with that new estimate being effective as of January 1, 2018). On June 30, 2019, the patent was sold for $26.900. Required: a. Prepare the journal entry to record the...
Martinez, Inc. acquired a patent on January 1, 2017 for $42,000 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2018, before any adjustments were recorded for the year, management determined that the remaining useful life was 6 years (with that new estimate being effective as of January 1, 2018). On June 30, 2019, the patent was sold for $27,000. Required: a. Prepare the journal entry to record the...
Please detail all final answers!
e.
Prepare the journal entry to record the sale of the patent on
June 30, 2018.
Martinez, Inc. acquired ล patent on January 1 , 2016 for S40, 300 cash. The patent was estrated to have ล useful life: af 10 years with rar val O Decmber 31, 2017, bfreany astrmenls were recorded for the year, management detemined that the remaining ueeful life was 7 years (with that new astimate being effective as of January...
On January 1, a company purchased 6% 10-year corporate bonds for $51.845.994 as an investment. The bonds have a face amount of $60 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question by entering your answers in the tabs below...
thanks
Nordic Company issued bonds with the following provisions: Maturity value: $60,000,000 Interest: 7.9 percent per annum payable semi-annually each June 30 and December 31. Terms: Bonds dated January 1, 2017, due five years from that date. The company's fiscal year ends on December 31. The bonds were sold on January 1, 2017, at a yield of 8 percent. Required: 1. Compute the issue (sale) price of the bonds. (Round time value factor to 4 decimal places. Round the final...
See all photos + Add to On January 1, a company purchased 5%, 10 year corporate bonds for $55,537,005 as an investment. The bonds have a face amount of 560 million and are priced to yield 6%. Interest is paid semiannually 5.83 Prepare a partial amortization table at the effective interest rate on June 30 and December 31 Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31 Complete this question...
Check my work On January 1, a company purchased 2%, 10-year corporate bonds for $58,553,901 as an investment. The bonds have a face amount of $70 million and are priced to yield 4%. Interest is paid semiannually. Prepare a partial amortization table at the effective interest rate on June 30 and December 31, Prepare the journal entries necessary to record revenue at the effective interest rate on June 30 and December 31. Complete this question by entering your answers in...
Rakko, Inc. acquired a patent on January 1 for $70,000 cash. The patent was estimated to have a useful life of 14 years with no residual value. Required: Parta. Prepare the journal entry to record the acquisition of the patent on January 1. Part b. Prepare the journal entry to record the annual amortization as of Dec 31. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table...
Banjo Education Corp. issued a 4% $100.000 bond that pays interest semiannually each June 30 and December 31 The date of issuance was January 1, 2017 The bonds mature after four years. The market interest rate was 6% Banjo Education Corp's year-end is December 31. (Use TABLE 14A1 and TABLE 14A2) Required: Preparation Component: 1. Calculate the issue price of the bond. (Use appropriate factor(s) from the tables provided. Round the final answer to the nearest whole dollar.) Issue price...
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