On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the application were P20,000. In January 2023, the company incurred P8,000 of legal fees in a successful defense of its tradename. The tradename was not impaired in 2022 and 2023. Required Compute the ending carrying value of the tradename for 2022 and 2023. Should thecompany amortize the tradename?
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On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the application were P20,000. In January 2023, the company incurred P8,000 of legal fees in a successful defense of its tradename. The tradename was not impaired in 2022 and 2023.
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Compute the ending carrying value of the tradename for 2022 and 2023. Should thecompany amortize the tradename?
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- On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the application were P20,000. In January 2023, the company incurred P8,000 of legal fees in a successful defense of its tradename. The tradename was not impaired in 2022 and 2023. RequiredCompute the ending carrying value of the tradename for 2022 and 2023. Should the company amortize the tradename? Show the solution step by step.. On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the application were P20,000. In January 2023, the company incurred P8,000 of legal fees in a successful defense of its tradename. The tradename was not impaired in 2022 and 2023. RequiredCompute the ending carrying value of the tradename for 2022 and 2023. Should the company amortize the tradename? *Note: Show the solution step by step with formulaIn early January 2020, Pharoah Corporation applied for and received approval for a trade name, incurring legal costs of $46,400. In early January 2021, Pharoah incurred $24,000 in legal fees in a successful defence of its trade name. Calculate amortization for 2020; carrying amount at December 31, 2020; amortization for 2021; and carrying amount at December 31, 2021, if the company amortizes the trade name over its 16-year legal life. (Round answers to O decimal places, e.g. 5,275.) Amortization amount Carrying amount Amortization amount tA Carrying amount $ +A $ CA 2020 Calculate amortization for 2020; carrying amount at December 31, 2020; amortization for 2021; and carrying amount at December 31, 2021, if the company amortizes the trade name over a useful life of 5 years. CA ta 2020 $ LA $ LA $ 2021 LA 2021
- In early January 2020, HUMID Corporation applied for a trade name, incurring legal costs of P160,000. Based on new market research, HUMID determines that the market value of the trade name is P120,000. In January 2021, HUMID incurred P7,800 of legal fees in a successful defense of its trade name. Trade name should be amortized based on legal life. What is the cost of Tradename? P120,000 P160,000 P280,000 O P167,800In early January 2024, Ayayai Corporation applied for a trade name, incurring legal costs of $15,800. In January 2025, Ayayai incurred $7,200 of legal fees in a successful defense of its trade name. (a) Compute 2024 amortization, 12/31/24 book value, 2025 amortization, and 12/31/25 book value if the company amortizes the trade name over 10 years. (Round answers to O decimal places, e.g. 5,125.) 2024 amortization 12/31/24 book value 2025 amortization 12/31/25 book value $ LA LA $ of SUPPORTIn early January 2024, Bramble Corporation applied for a trade name, incurring legal costs of $16,200. In January 2025, Bramble incurred $7,200 of legal fees in a successful defense of its trade name. (a) Compute 2024 amortization, 12/31/24 book value, 2025 amortization, and 12/31/25 book value if the company amortizes the trade name over 10 years. (Round answers to O decimal places, e.g. 5,125.) 2024 amortization $ 12/31/24 book value $ 2025 amortization $ 12/31/25 book value $
- Blossom Inc. enters into an agreement on March 1, 2025, to sell Bridgeport Metal Company aluminum ingots. As part of the agreement, Blossom also agrees to repurchase the ingots on May 1, 2025, at the original sales price of $250,000 plus 3%. t (a) Prepare Blossom's journal entry necessary on March 1, 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date March 1, 2025 Account Titles and Explanation > Debit CreditIn early January 2019, Sheffield Corporation applied for a trade name, incurring legal costs of $15,800. In January 2020, Sheffield incurred $8,100 of legal fees in a successful defense of its trade name. (a) Your Answer Correct Answer Your answer is correct. Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amortizes the trade name over 10 years.On February 14, 2022, Frozen Company classified a non-current asset as held for sale. At that time, the asset's carrying amount was P64,000. It's fair value was estimated at P48,000 and the cost to sell at P3,800. On May 9, 2022, the asset was sold for P42,000 and paid transaction costs of P2,000. The company accounts for non-current assets using the cost model. 9. How much impairment loss is to be recorded by Frozen relating to the non-current assets held for sale? 10. At what amount should the non-current assets held for sale be recorded on Feb. 14, 2022? 11. How much gain(loss) is to be reported by Frozen on the disposal of the non-current assets held for sale?
- On January 2, 2021, Kerwin Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20- year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation amortization expense Debit 2,400 Credit accumulated amortization 2,400On January 2, 2021, Kerwin Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20- year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit CreditIn early January 2024, Cheyenne Corporation applied for a trade name, incurring legal costs of $16,000. In January 2025, Cheyenne incurred $8,100 of legal fees in a successful defense of its trade name. (a) Compute 2024 amortization, 12/31/24 book value, 2025 amortization, and 12/31/25 book value if the company amortizes the trade name over 10 years. (Round answers to O decimal places, e.g. 5,125.) 2024 amortization $ 12/31/24 book value $ 2025 amortization $ 12/31/25 book value $