UTARIAMALAR Y Required information xequirea: 1. Record amortization expense for the intangible assets at December 31, 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 Record the amortization on goodwill. Note: Enter debits before credits. Transaction General Journal Debit Credit
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- The following transactions involving intangible assets of Oriole Corporation occurred on or near December 31, 2020. 1. Minton paid Grand Company $440,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Oriole is in business. Oriole spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 2. In January, 2021, Oriole's application for a patent (#2 above) was granted. Legal and registration costs incurred were $249,900. The patent runs for 20 years. The manufacturing process will be useful to Minton for 10 years. Oriole incurred $180,800 in successfully defending one of its patents in an infringement suit. The patent expires during 3. 4. December, 2024. Oriole incurred $470,400 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $241,920, is…Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $252,000, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $17,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 12% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. X Answer is not complete. Complete this question by entering your answers in the tabs below.Wildhorse Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. 1/2/25 Purchased patent (8-year life) 4/1/25 Purchase goodwill (indefinite life) 7/1/25 Purchased franchise with 10-year life; expiration date 7/1/35 8/1/25 Payment of copyright (5-year life) 9/1/25 Research and development costs $360,800 361,000 441,000 Debit 169,200 231,000 $1,563,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when 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 all debit entries before credit entries.) Account Titles and Explanation Credit
- Exercise 12-06 Pharoah Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $304,500 4/1/20 Purchase goodwill (indefinite life) 345,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 425,000 8/1/20 9/1/20 Payment of copyright (5-year life) 150,000 Research and development costs 215,000 $1,439,500 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Creditdont uplode any image in answer Prepare the appropriate journal entries for the capitalization of the asset and the annual amortization. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)A company paid $660,000 cash to buy a group of plant assets. An independent appraiser assigned the following values to the assets acquired: Land Building Equipment Total $ 297,500 382,500 170,000 $ 850,000 Prepare the journal entry to record the acquisition of these assets. Note: Round answers to the nearest whole dollar amount. View transaction list Journal entry worksheet
- On January 1, 2022, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $307,650. July 1 Sept. 1 Acquired a 9-year franchise; expiration date July 1, 2,031, $576,000. Research and development costs $178,500.Prepare the journal entry; to record depreciation expense for 2024. (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 0 for the amounts. List debit entry before credit entry.) DateOn December 31, 2024, Blossom Inc. borrowed $4,380,000 at 12% payable annually to finance the construction of a new building. In 2025, the company made the following expenditures related to this building: March 1, $525,600; June 1, $876,000; July 1, $2,190,000; December 1, $2,190,000. The building was completed in February 2026. Additional information is provided as follows. 1. 2. Other debt outstanding: 10-year, 13% bond, December 31, 2018, interest payable annually 6-year, 10% note, dated December 31, 2022, interest payable annually March 1, 2025, expenditure included land costs of $219,000. 3. Interest revenue of $71,540 earned in 2025. $5,840,000 2,336,000 Determine the amount of interest to be capitalized in 2025 in relation to the construction of the building. The amount of interest $
- Make the entry as of December 31, 2025, recording any necessary amortization. (Credit account titles are automatically indented when 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 all debit entries before credit entries.) Account Titles and Explanation Debit CreditThree different lease transactions are presented below for Sandhill Enterprises. Assume that all lease transactions start on January 1, 2024. Sandhill does not receive title to the properties, either during the lease term or at the end of it. The yearly rental for each of the leases is paid at the beginning of each year. Sandhill Enterprises prepares its financial statements using ASPE. Lease term Estimated economic life Yearly rental payment Fair market value of leased asset Present value of lease rental payments Interest rate Manufacturing Equipment 5 years 15 years $18,000 $126,000 $81,270 3.5% Vehicles 6 years 7 years $19,260 $109,200 $100,962 4% Office Equipment 3 years 5 years $5,010 $22,500 $12,912 8% Ass me that Sandhill Enterprises has purchased the vehicle for $109,200 instead of leasing it and that the amount borrowed was $109,200 at 8% interest, with interest payable at the end of each year. Prepare the entries for 2024. (List all debit entries before credit entries. Credit…The following data relate to the Machinery account of Metlock, Inc. at December 31, 2025. Machinery A B C D Original cost $50,600 $56,100 $88,000 $88,000 Year purchased 2020 2021 2022 2024 Useful life 10 years 15,000 hours 15 years 10 years Salvage value $3,410 $3,300 $5,500 $5,500 Depreciation method Sum-of-the-years-digits Activity Straight-line Double-declining balance Accum. depr. through 2025* $34,320 $38,720 $16,500 $17,600 "In the year an asset is purchased, Metlock, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Metlock, Inc. takes a full year's depreciation on the asset. The following transactions occurred during 2026. a. On May 5, Machine A was sold for $14,300 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal. Cash Machinery (Machine A) 14,300 14,300 b. On December 31, it was determined that Machine B had been used 2,350 hours during 2026. c. On December 31,…