an entity acquired furniture and fittings on 1 July 2021 for $42 000. The estimated useful life of the furniture and fittings at acquisition date was 8 years and the residual value was $2000. The company sold all the furniture and fittings on 1 January 2027 for $18 000. The journal entry to reflect the sale is:

Wildhorse Company owns equipment that cost $67,200 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on estimated salvage value of $4,380 and an estimated useful life of 5 years.Prepare Wildhorse Company’s journal entries to record the sale of the equipment in these four independent situations (a)Sold for $32,692 on January 1, 2022. (b)Sold for $32,692 on May 1, 2022. (c)Sold for $10,400 on January 1, 2022. (d)Sold for $10,400 on October 1, 2022.

Grand Champion Inc. purchased America’s Sweethearts Corporation on January 1, 2019. At the time, America’s Sweethearts had the following assets and liabilities (stated at fair value): Cash $62,000 Accounts receivable 138,000 Inventory 185,000 Property, plant, and equipment 300,000 Patent 65,000 Accounts payable 200,000 Notes payable 325,000 Grand Champion paid $900,000 for America’s Sweethearts. Assume that America’s Sweethearts is a reporting unit of Grand Champion. At the end of 2020, America’s Sweethearts has a fair value of $720,000 and a book value of $850,000, which includes any goodwill recorded. Of this fair value, $350,000 is attributable to identifiable assets net of (or identifiable net assets) liabilities. Required:   Calculate the impairment loss of goodwill (if any) and record the appropriate journal entry.

In January 1, 2015, Fun company purchased Company A for $40,000 in cash and paid immediately. Fun company assumed all of Company A's assets and assumed Company A's liabilities. company A has assets valued at $60,000 and liabilities valued at $50,000.  question: what is the amount of GOODWILL that should be recorded on Fun company's books? provide the journal entry for the acquisition of company A. Make sure to include account classifications and label debits and credits. please show work so I can understand. Thanks!

On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roque more Corporation for $910,000 and $405,000, respectively. On the date of the sale, the book value of the patent was $ $200,000, and the book value of the equipment was $496,000 (cost of $726,000 less accumulated depreciation of $230,000) Prepare the journal entries to record the sales of the patent and equipment < 1 2 Record the sale of the equipment for $405,000. On the date of the sale, the book value of the equipment was $496,000 (cost of $726,000 less accumulated depreciation of $230,000). Note: Enter debits before credits. Event 2 General Journal Debit Credit

Vaughn Corporation owns machinery that cost $26,000 when purchased on July 1, 2021. Depreciation has been recorded at a rate of $3,120 per year, resulting in a balance in accumulated depreciation of $10,920 at December 31, 2025. The machinery is sold on September 1, 2026, for $6,760. Prepare journal entries to (a) update depreciation for 2026 and (b) record the sale. (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.) No. Account Titles and Explanation (a) (b) Debit Credit

On January 1, 2019, Vaughn Inc. purchased equipment for $ 44900. The company is depreciating the equipment at the rate of $ 710 per month. At January 31, 2020, the balance in Accumulated Depreciation is O $9230. O $35670. O $710. O $8520.

On July 1, 2022, Oriole Company purchased the copyright to Cheyenne Corp. for $260000. It is estimated that the copyright will have a useful life of 5 years. The amount of amortization expense recognized for the year 2022 would be $26000. $52000. $24687. $48100.

The intangible assets section of Novak Corporation's balance sheet at December 31, 2025, is presented here. Patents ($78,000 cost less $7,800 amortization) Copyrights ($46,800 cost less $32,760 amortization) Total $70,200 14,040 $84,240 The patent was acquired in January 2025 and has a useful life of 10 years. The copyright was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2026. Jan. 2 Jan.-June Sept. 1 Oct. 1 Paid $60,840 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $299,000 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $26,400. Paid $52,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for…

Rayya Company purchases a machine for $151,200 on January 1, 2021. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value. The machine is sold on July 1, 2025, during its fifth year of service. Prepare entries to record the partial year’s depreciation on July 1, 2025, and to record the sale under each separate situation. (1) The machine is sold for $64,800 cash. (2) The machine is sold for $51,840 cash. 1. Record the depreciation expense as of July 1, 2025. 2. Record the sale of the machinery for $64,800 cash. 3. Record the machine sold for $51,840 cash. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.