Ivanhoe Industries purchased Oriole Inc. on June 30, 2014 and recorded goodwill for 53,320 on this purchase. The useful life of the goodwill is estimated to be 20 years. How much is goodwill amortization expense for 2014?
Ivanhoe Industries purchased Oriole Inc. on June 30, 2014 and recorded goodwill for 53,320 on this purchase. The useful life of the goodwill is estimated to be 20 years. How much is goodwill amortization expense for 2014?
Homework Answers
Goodwill amortization expense for 2014
Cost = $ 53,320
Years = 2y years
= 53,320/20
= $ 2666
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Ivanhoe Industries purchased Oriole Inc. on June 30, 2014 and recorded goodwill for 53,320 on this purchase. The useful life of the goodwill is estimated to be 20 years. How much is goodwill amortization expense for 2014?
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at the end of that time. Depreciation has been recorded for 7 years
on a straight-line basis. In 2014 (year 8), it is determined that
the total estimated life should be 15 years with a residual value
of $5,000 at the end of that time.
What is the journal entry to correct
the prior years’ depreciation?
...
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