Data related to the acquisition of timber rights and intangible assets during the current year en...
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold. B. On December 31, the company determined that $3,750,000 of goodwill was impaired. C. Governmental and legal costs of $6,600,000 were...
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $2,442,370 on February 22. The stand of timber is estimated at 5,957,000 board feet. During the current year, 1,013,900 board feet of timber were cut and sold. B. On December 31, the company determined that $3,385,000 of goodwill was impaired. C. Governmental and legal costs of $6,426,000 were...
Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: Timber rights on a tract of land were purchased for $1,980,000 on February 22. The stand of timber is estimated at 9,000,000 board feet. During the current year, 2,400,000 board feet of timber were cut and sold. On December 31, the company determined that $1,190,000 of goodwill was impaired. Governmental and legal costs of $15,840,000...
Instructions Starting questions Chart of Accounts Journal Instructions Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A Timber rights on a tract of land were purchased for $3,461,120 on February 22. The stand of timber is estimated at 5,408,000 board feet. During the current year, 1,028,300 board feet of timber were cut and sold. B. On December 31, the company determined that $3,640,000 of goodwill was impaired...
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: On December 31, the company determined that $1,090,000 of goodwill was impaired. Governmental and legal costs of $8,800,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for one-fourth of a year. Timber rights on a tract of land were purchased for $1,600,000 on February 4. The...
Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: On December 31, the company determined that $1,030,000 of goodwill was impaired. Governmental and legal costs of $5,016,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for one-fourth of a year. Timber rights on a tract of land were purchased for $760,000...
Amortication and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $3,400,000 of goodwill was impaired. b. Governmental and legal costs of $4,800,000 were incurred on September 30 in obtaining a patent with an estimated economic life of eight years. Amortization is to be for one-fourth of a year. c. Timber rights on a tract of land were...
Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $1,150,000 of goodwill was impaired. b. Governmental and legal costs of $6,336,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 12 years. Amortiration is to be for one fourth of a year Timber rights on a tract of land were...
Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $3,400,000 of goodwill was impaired. b. Governmental and legal costs of $4,800,000 were incurred on September 30 in obtaining a patent with an estimated economic life of eight years. Amortization is to be for one-fourth of a year. c. Timber rights on a tract of land were...
...................... Amortization and Depletion Entries Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. On December 31, the company determined that $880,000 of goodwill was impaired. b. Governmental and legal costs of $4,968,000 were incurred on September 30 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for one-fourth of a year. c. Timber rights on a tract of land...