As the recently appointed auditor for Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2020, are prepared. The controller for Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown below. Intangible Assets     Debit Credit Balance Jan. 4 Research and development costs 940,000     940,000 Jan. 5 Legal costs to obtain patent  75,000   1,015,000 Jan. 31 Payment of 7 months' rent on property leased by Bryan  91,000   1,106,000 Feb. 11 Premium on common stock   250,000   856,000 March 31 Unamortized bond discount on bonds due March 31, 2040 84,000     940,000 April 30 Promotional expenses related to start-up of business 207,000   1,147,000 June 30 Operating losses for first 6 months 241,000   1,388,000 Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10 years.

Before you begin this assignment, review the Tying It All Together feature in the chapter iHeartMedia , Inc. in their annual report for the year ending December 31, 2015, state that the plant assets reported on its balance sheet includes the following: Depreciation is computed using the straight-line method. Requirements 1. Suppose iHeartMedia, Inc. purchases a new advertising structure for $100,000 on August 1. The residual value of the structure is $4,000 and the useful life is 10 years. How would iHeartMedia record the depreciation expense on December 31 in the first year of use? What about the second year of use? 2. What would be the book value of the structure at the end of the first year? What would be the book value of the structure at the end of the second year? 3. What would be the impact on iHeartMedia, Inc. financial statements if they failed to record the adjusting entry related to the structure?

Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?

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.) Date

Skysong Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A 3/1/21 17 years $41,616 $15,480 Patent B 7/1/22 10 years Patent C $16,320 9/1/23 4 years The following events occurred during the year ended December 31, 2025. 1. Research and development costs of $234,000 were incurred during the year. 2. Patent D was purchased on July 1 for $47,196. This patent has a useful life of 91/2 years. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows.

B. If Flint prepares financial statements in accordance with ASPE, what is the recoverable amount of the equipment at November 30, 2023? Recoverable amount $

Tamarisk Cole Inc. acquired the following assets in January of 2018. Equipment, estimated service life, 5 years; salvage value, $15,500   $546,500 Building, estimated service life, 30 years; no salvage value   $639,000 The equipment has been depreciated using the sum-of-the-years’-digits method for the first 3 years for financial reporting purposes. In 2021, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method. (a)   Prepare the general journal entry to record depreciation expense for the equipment in 2021. (b)   Prepare the journal entry to record depreciation expense for the building in 2021. (Round answers to 0 decimal places,…

Colorado Pte Ltd commenced its first non-structural renovation works in accounting year 2017 at the cost of $120,000 and incurred a further $70,000 in accounting year 2018.  In accounting year 2019, it upgraded its reception area and spent $250,000 on non-structural renovation costs. What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices $100,000 $36,667 $116,667 $70,000

Skysong Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $41,616 3/1/21 17 years Patent B $15,480 7/1/22 10 years Patent C $16,320 9/1/23 4 years The following events occurred during the year ended December 31, 2025. 1. Research and development costs of $234,000 were incurred during the year. Patent D was purchased on July 1 for $47,196. This patent has a useful life of 91/2 years. 2. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows.