Homework Answers
| Debit | Credit | ||
| Jan 2 | Patent | 372000 | |
| Cash | 372000 | ||
| Apr 1 | Goodwill | 446000 | |
| Cash | 446000 | ||
| Jul 1 | Franchise | 669600 | |
| Cash | 669600 |
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Gladow Corporation began operations in 2020 and has these transactions related to intangible assets in that year: Jan....
Gladow Corporation began operations in 2020 and has these transactions related to intangible assets in that...
Gladow Corporation began operations in 2020 and has these
transactions related to intangible assets in that year:
Jan. 2
Purchased a patent (5-year life)
$276,000
Apr. 1
Goodwill purchased as part of an acquisition of another
company
$331,000
Jul. 1
Acquired a 9-year franchise; expiration date July 1, 2025
$496,800
Dec. 31
Determined that the recoverable amount of the patent and
franchise be $161,000 and $483,000 respectively. There was no
indication that the goodwill was impaired.
(a)
Your answer is...
pls help w d part Gladow Corporation began operations in 2020 and has these transactions related to intangible...
pls
help w d part
Gladow Corporation began operations in 2020 and has these transactions related to intangible sets in that year Jan. 2 Purchased a patent (5-year life) Apr. 1 Goodwill purchased as part of an acquisition of another company M 1 Acquired a 9-year franchise; expiration date July 1, 2025 Dec. 31 Determined that the recoverable amount of the patent and franchise to be $150,000 and 5473,000 respectively. There was no indication that the goodwill was impaired. $270,000...
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr....
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
Sandhill Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year...
Sandhill Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Jan. 2 Purchased a patent with an estimated useful life of five years for $40,280. The company that sold the patent to Collins registered the patent 10 years ago. Apr.1 Acquired another company and recorded goodwill of $320,700 as part of the purchase. July 1 Acquired a franchise for $234,000. The franchise agreement is renewable without charge and not expected to expire....
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year:...
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year: Jan. 2 Patent bought that had an estimated useful life of 5-years for $325,000 Apr. 1 Goodwill was purchased as part of the acquisition of another company. It has an indefinite life and cost $360,000. July 1 Purchased a franchise that will last 9 years for $720,000. Sept. 1 Incurred research & development costs $185,000. Instructions (a) Prepare the necessary entries to record these...
Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent...
Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) 4/1/20 Goodwill purchased (indefinite life) 7/1/20 10-year franchise 9/1/20 Research and development costs $595,000 360,000 480,000 185,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
Windsor, Inc., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent...
Windsor, Inc., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (6-year life) 4/1/20 Goodwill purchased (indefinite life) 7/1/20 10-year franchise; expiration date 7/1/2030 9/1/20 Research and development costs $504,000 360,000 320,000 171,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record...
Concord Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent...
Concord Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) $490,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 15-year franchise 600,000 9/1/20 Research and development costs 192,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
Exercise 9-10 a-b (Part Level Submission) Sandhill Ltd. has these transactions related to intangible assets and...
Exercise 9-10 a-b (Part Level Submission) Sandhill Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Jan. 2 Apr. 1 July 1 Sept. 1 30 Dec. 31 31 Purchased a patent with an estimated useful life of five years for $40,280. The company that sold the patent to Collins registered the patent 10 years ago. Acquired another company and recorded goodwill of $320,700 as part of the purchase. Acquired a franchise for...
Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased...
Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Cre! red. Do not indent manually. If no entry is required, select "No entry" for the...
Gladow Corporation began operations in 2020 and has these
transactions related to intangible assets in that year:
Jan. 2
Purchased a patent (5-year life)
$276,000
Apr. 1
Goodwill purchased as part of an acquisition of another
company
$331,000
Jul. 1
Acquired a 9-year franchise; expiration date July 1, 2025
$496,800
Dec. 31
Determined that the recoverable amount of the patent and
franchise be $161,000 and $483,000 respectively. There was no
indication that the goodwill was impaired.
(a)
Your answer is...
pls
help w d part
Gladow Corporation began operations in 2020 and has these transactions related to intangible sets in that year Jan. 2 Purchased a patent (5-year life) Apr. 1 Goodwill purchased as part of an acquisition of another company M 1 Acquired a 9-year franchise; expiration date July 1, 2025 Dec. 31 Determined that the recoverable amount of the patent and franchise to be $150,000 and 5473,000 respectively. There was no indication that the goodwill was impaired. $270,000...
Oriole Company, organized in 2022, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Purchased a patent (5-year life) $308,750. Goodwill purchased (indefinite life) $342.000. Acquired a 9-year franchise; expiration date July 1, 2031, $684,000. Research and development costs $175,750. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no...
Sandhill Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Jan. 2 Purchased a patent with an estimated useful life of five years for $40,280. The company that sold the patent to Collins registered the patent 10 years ago. Apr.1 Acquired another company and recorded goodwill of $320,700 as part of the purchase. July 1 Acquired a franchise for $234,000. The franchise agreement is renewable without charge and not expected to expire....
4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year: Jan. 2 Patent bought that had an estimated useful life of 5-years for $325,000 Apr. 1 Goodwill was purchased as part of the acquisition of another company. It has an indefinite life and cost $360,000. July 1 Purchased a franchise that will last 9 years for $720,000. Sept. 1 Incurred research & development costs $185,000. Instructions (a) Prepare the necessary entries to record these...
Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) 4/1/20 Goodwill purchased (indefinite life) 7/1/20 10-year franchise 9/1/20 Research and development costs $595,000 360,000 480,000 185,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
Windsor, Inc., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (6-year life) 4/1/20 Goodwill purchased (indefinite life) 7/1/20 10-year franchise; expiration date 7/1/2030 9/1/20 Research and development costs $504,000 360,000 320,000 171,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record...
Exercise 9-10 a-b (Part Level Submission) Sandhill Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Jan. 2 Apr. 1 July 1 Sept. 1 30 Dec. 31 31 Purchased a patent with an estimated useful life of five years for $40,280. The company that sold the patent to Collins registered the patent 10 years ago. Acquired another company and recorded goodwill of $320,700 as part of the purchase. Acquired a franchise for...
Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Cre! red. Do not indent manually. If no entry is required, select "No entry" for the...
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