Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To clear Intangible Assets account) Dec. 31, 2020 (To correct for amortization on franchises) Culver Corp., a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during 2019 and 2020 in that account: INTANGIBLE ASSETS-CULVER July 1, 2019 8-year franchise; expiration date of June 30, 2027 $48,000 Oct. 1 Advance payment on office lease (2-year lease) 29,000 Dec. 31 Net loss for 2019 including incorporation fee, $1,000; related legal fees of organizing, $5,500; expenses of recruiting and training staff for start-up of new business, $4,100 16,200 Feb. 15, 2020 Patent purchased (10-year life) 75,600 Mar. 1 Direct costs of acquiring a 5-year licensing agreement 82,500 Apr. 1 Goodwill purchased (indefinite life) 284,400 June 1 Legal fee for successful defence of patent (see above) 12,815 Dec. 31 Costs of research department for year 75,000 Royalties paid under licensing agreement (see above) 2,775 The new business started up on July 2, 2019. No amortization was recorded for 2019 or 2020. The goodwill purchased on April 1, 2020, includes in-process development costs that meet the six development stage criteria, valued at $174,000. The company estimates that this amount will help it generate revenues over a 10-year period. (a) Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as at December 31, 2020, and record any necessary amortization so that all balances are appropriate as at that date. 31

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Whispering Company's balance sheet had the following balances. Land Buildings Leasehold improvements Equipment 1. During 2020, the following transactions occurred. 2. $231,100 903,300 660,700 876,000 Land site number 621 was acquired for $854,300. In addition, to acquire the land Whispering paid a $57,200 commission to a real estate agent. Costs of $40,200 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,800. Excavation fees A second tract of land (site number 622) with a building was acquired for $420,600. The closing statement indicated that the land value was $301,500 and the building value was $119,100. Shortly after acquisition, the building was demolished at a cost of $41,200. A new building was constructed for $331,100 plus the following costs. Architectural design fees Building permit fee Imputed interest on…

Based upon the provided information, how would I be able to calculate the Amortization of prior service costs and expected return on the plan assets? Additionally, would you be able to please help me understand what formula to use in these two calculations and why you use those. Thank you!

After first recording any impairment losses on plant and equipment and the patent. Required: 1. Compute the book value of the plant and equipment and patent at the end of 2024. 2. When should the plant and equipment and the patent be tested for impairment? 3. When should goodwill be tested for impairment? 4. Determine the amount of any impairment loss to be recorded, if any, for the three assets. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the book value of the plant and equipment and patent at the end of 2024. Note: Enter your answers in millions rounded to 1 decimal place. For example, $5,500,000 should be entered as $5.5. Plant and equipment Book Value million Patent million

The intangible assets and goodwill reported by Sunland Corporation at December 31, 2020, follow: Copyrights (#1) $36,120 Less: Accumulated amortization $ 18,060 18,060 Trademarks 53,130 Goodwill 124,750 Total $195,940 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021: Jan. Paid $6,690 in legal costs to successfully defend the trademarks against infringement by another company. July Developed a new product, incurring $193,940 in research and $48,300 in development costs with probable future benefits. The product is expected to have a useful life of 21 years. Sept. Paid $59,790 to a popular hockey player to appear in commercials advertising the company's products. The commercials…

P12.1B (L0 1,2,3,5) (Correct Intangible Asset Account) Dolphin Co., 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 and 2021: Instructions 3/1/2020 3/1/2020 4/1/2020 6/30/2020 9/1/2020 12/31/2020 6/30/2021 9/1/2021 Intangible Assets 10-year franchise agreement; expires 2/28/28 Organization costsAdvance payment for 2 years for office space Purchased a patent (8-year life) Cost to develop a patent (10-year life) Net operating loss for 2020Research and development costsLegal fee to successfully defend internally developed patent $ 60,000 7,000 24,000 80,000 40,000 61,000 265,000 13,500 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2021, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore…

H1. Account

1) What is the "Net Investment in Fixed Assets"              Ending Net Fixed Assets                     = Question 1 of 19          -Beginning Net Fixed Assets               = Question 2 of 19          +Depreciation                                      = Question 3 of 19               Net Investment in Fixed Assets      = Question 4 of 19   2) Please Calculate the "Chante in Net Working Capital"                                                 2019                  2018           Ending NWC          Question Blank 5 of 19    -    Question 6 of 19        =  Question 7 of 19           -Beg NWC              Question Blank 8 of 19    -    Question Blank 9 of 19      =  Question Blank 10 of 19                                                                Change in NWC    =  Question Blank 11 of 19   3) Please Calculate the "Operating Cash Flow"             EBIT                                             =     Question Blank 12 of 19           +Depreciation                               =…

At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land   $309,730 Buildings—Structure   882,700 Leasehold Improvements   704,930 Equipment   844,920 During 2020, the following transactions occurred: 1.   Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2.   Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees   $37,960 Architectural design…

Examine the excerpt of a footnote from Red Sand Corporation's September 30, 2021, annual report to follow. (Click the icon to view the excerpt.) Read the requirements. 1. What are Red Sand's largest two categories of property and equipment as of September 30, 2021? Describe in general terms the types of expenditures included in these categories. Red Sand's largest category of assets is Its second largest category of assets is