haroah Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2   Purchased patent (8-year life)   $338,000 Mar.  31   Costs to search for new ways to apply patent that was purchased on Jan. 2   21,000 Apr. 1   Purchased goodwill (indefinite life)   307,000 July 1   Purchased franchise with 10-year life; expiration date July 1, 2030   259,000   1   Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1   33,000 Aug. 1   Payment for copyright (5-year life)   142,800   1   Purchased trademark (3-year life)   14,400   1   Purchased customer list (2-year life)   9,600 Sept. 1   Research costs

Bonita Industries Ltd., a public company, presents you with the following information: (a) Complete the table for the year ended December 31, 2027. The company depreciates all assets for a half year in the year of acquisition and the year of disposal. (Round answers to O decimal places, e.g. 5,275.) Description Machine A Machine B Machine C Date Purchased Dec. 2, 2025 Aug. 15, 2024 July 21, 2023 Cost $140,000 72,000 (3) Residual Value $12,000 15,000 22,000 Life in Years 10 5 8 Depreciation Method Straight-line Double-declining-balance (1)

What is the correct journal entry?

Every entry should have narrated, answer in text form please

a company purchased equipment in 1/4/2022 for 110,000 with six years estimation life with 10,000 salvage value, in 31/12/2023 sold the equipment for 80,000. journalize the entry in 31/12/2023

These are selected 2027 transactions for Pronghorn Corporation: Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $160,800. The copyright has a useful life of 6 years and a remaining legal life of 35 years. Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $90,000. Purchased a small company and recorded goodwill of $150.200. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2027. for Pronghorn Corporation. Amortization expense S

MBS Inc. acquires a building on February 1, 2019 at a cost of P5,500,000. The building has an estimated useful life of 40 years and an estimated salvage value of P500,000.  a. Prepare the following:     i. journal entry to record the purchase of building.     ii. Adjusting entry on December 31 assuming the company prepares its financial statements on this date. b. Determine the following (show solution):    i. amount of expense to be recognized for 2019    ii. book value of the building as of December 31, 2019.

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:

Marigold Company owns equipment that cost $79,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $7,900 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Marigold Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) (d) (e) (A) SR. Account Titles and Explanation (a) (b) Sold for $45,000 on January 1, 2022. Sold for $45,000 on April 1, 2022. Sold for $17,000 on January 1, 2022. Sold for $17,000 on September 1, 2022 Repeat (a), assuming Marigold uses double-declining balance…

Intangibles: Balance Sheet Presentation and Income Statement Effects Clinton Company has provided information on intangible assets as follows: A patent was purchased from Lou Company for $1,680,000 on January 1, 2018. Clinton estimated the remaining useful life of the patent to be 10 years. The patent was carried in Lou's accounting records at a net book value of $1,440,000 when Lou sold it to Clinton. During 2019, a franchise was purchased from Rink Company for $500,000. In addition, 6% of revenue from the franchise must be paid to Rink. Revenue from the franchise for 2019 was $1,800,000. Clinton estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Clinton incurred R&D costs in 2019 as follows: Materials and equipment $125,000 Personnel 162,000 Indirect costs 78,000   $365,000 Clinton estimates that these costs will be recouped by December 31, 2020. On January 1, 2019, Clinton estimates, based on new…