On October 1, 2019, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to...
Homework Answers
Only 3 remaining months will be considered.
Patent = $60000/15 * 3/12 = $1000
Goodwill = $375000/15 * 3/12 = $6250
Total deduction = $1000 + $6250 = $7250
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On
October 1, 2019, Priscilla purchased a business. Of the purchase
price, $60,000 is allocated to...
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a...
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a patent and $120,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction $ 7,417 x Check My Wor Taxpayers can daim an amortization deduction on intangible assets called "amortizable 5 197 intangibles." Ched My Work 1 more Check My Work remaining | 8 9 0
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase...
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $94,000 is allocated to a patent and $564,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. $ 7,250 X
Exercise 8-28 (Algorithmie) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase...
Exercise 8-28 (Algorithmie) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $120,000 is allocated to a patent and $720,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. 6,250 x
Assume that Nolola acquires a competitor's assets on March 31st. The purchase price was $150,000. Of...
Assume that Nolola acquires a competitor's assets on March 31st. The purchase price was $150,000. Of that amount, $125,000 is allocated to tangible assets and $25,000 is allocated to goodwill (a §197 intangible asset). What is Nolola's amortization deduction for the current year? (Round final answer to the nearest whole number.) Multiple Choice $1,250. $1,319. $0. $1,389. None of the choices are correct.
On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price...
On July 21, 2019, Andrew purchased and placed in service a new car. The purchase price was $52,000. This was the only business-use asset Andrew acquired in 2019. He used the car 85% of the time for business and 15% for personal use and maintains proper documentation of use. Andrew would like to deduct the maximum amount possible. Calculate the total deduction Andrew can take with respect to the car for 2019. Kendra Brown, a sole proprietor, acquires a new...
On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase price...
On March 15, 2019, Helen purchased and placed in service a new Escalade. The purchase price of the automobile was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was used 100% for business. If required, round your answers to the nearest dollar. Click here to access the depreciation table to use for this problem. a. Assuming that Helen does not use additional first-year depreciation, calculate the total depreciation deduction that she can take on the vehicle...
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1,...
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1, 2019. He paid the following amounts for the business: Finced assets 290,800 Goodwill 58,160 Covenant not to compete 72,700 Total $421,660 a. How much of the $421,660 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not...
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 January 1, 2019, the Leaf Company purchased a patent for 70 000 The patent has...
On January 1, 2019, the Leaf Company purchased a patent for 70 000 The patent has a legal life of 20 years and an estimated useful life of 10 years INSTRUCTIONS: Prepare the journal entry to record 2019 amortization expense. 2) On October 1, 2019, Beaufort Mining Inc. purchased a new mine. Cost of the mine 640 000 Estimated tons of ore in this mine 500 000 tons Ore mined and sold during 2017 80 000 tons INSTRUCTIONS: Prepare the...
Jeff Corporation purchased a patent for $375,000 on May 1, 2019. It has a useful life...
Jeff Corporation purchased a patent for $375,000 on May 1, 2019. It has a useful life of 10 years. What is the balance in the patent account at December 31, 2021? (This is their only patent.)
On October 1, 2019, Priscilla purchased a business of the purchase price,'$70,000 is allocated to a patent and $120,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction $ 7,417 x Check My Wor Taxpayers can daim an amortization deduction on intangible assets called "amortizable 5 197 intangibles." Ched My Work 1 more Check My Work remaining | 8 9 0
Exercise 8-28 (Algorithmic) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $94,000 is allocated to a patent and $564,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. $ 7,250 X
Exercise 8-28 (Algorithmie) (LO. 7) On October 1, 2019, Priscilla purchased a business. Of the purchase price, $120,000 is allocated to a patent and $720,000 to goodwill. If required, round your intermediate values to nearest dollar and use in subsequent computations. Calculate Priscilla's 2019 $ 197 amortization deduction. 6,250 x
Problem 8-14 (Algorithmic) Intangibles (LO 8.6) Derek purchases a small business from Art on September 1, 2019. He paid the following amounts for the business: Finced assets 290,800 Goodwill 58,160 Covenant not to compete 72,700 Total $421,660 a. How much of the $421,660 purchase price is for Section 197 intangible assets? b. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization? If required, round the final answer to the nearest dollar. Use months, not...
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...
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