Impaired Goodwill and Amortization of Patent On December 31, it was estimated that goodwill of $23,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $57,600 on April 1. a. Journalize the adjusting entry on December 31 for the impaired goodwill. Dec. 31 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. Dec. 31

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On December 31, Chase Rock Company estimated that a goodwill of $80,000 was impaired. In addition, on June 1, Chase Rock acquired a patent with an estimated useful life of 10 years for  $262,000.     Required:    Journalize the adjusting entry on December 31, for the impaired goodwill.   Journalize the adjusting entry on December 31, for the amortization of the patent rights.

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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?

Computing Subsequent Carrying Amount of Patents In January of Year 1, Ford Co. purchased a patent from a research institution for $325,000. The patent was estimated to have a useful life of 15 years. In December of Year 2, Ford Co. defended the patent in legal proceedings and successfully retained rights of ownership of the patent. The estimated life of the patent did not change from its original estimate Legal expenses on December 31 were $26,000. Determine the (1) amortization for Year 2, and (2) carrying value of the patent on December 31 of Year 2. Note: Round your final answers to the nearest dollar. 1. Amortization for Year 2 1 2. Carrying value on Dec 31, Year 25 25.214 x 302.572 x

eBook Entries for sale of fixed asset S Equipment acquired on January 8 at a cost of $125,920 has an estimated useful life of 14 years, has an estimated residual value of $8,600, and is depreciated by the straight-line method. Show Me How What was the book value of the equipment at December 31 the end of the fourth year? Account b. Assuming that the equipment was sold on April 1 of the fifth year for $85,120. 1. Journalize the entry to record depreciation for the 3 months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Debit Credit Print Item 0000 8 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. 0000

< Champion Company purchased and installed carpet in its new general offices on March 31 for a total cost of $18,000. The carpet is estimated to have a 15- year useful life and no residual value. a. Prepare the journal entries necessary for recording the purchase of the new carpet. If an amount box does not require an entry, leave it blank Mar. 311 b. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet assuming that Champion Company uses the straight-line method. If an amount box does not require an entry, leave it blank Dec. 31

A company which prepares financial statements to 31 December classifies a non-current asset as held for sale on 1 SEPTEMBER 20X2. The asset's carrying amount at that date is $20,000 and its fair value is $15,600, with estimated costs to sell of $600. The asset is sold in June 20X3 for $16,000(net of costs). Calculate any impairment losses or gains that should be recognised in the company's statement of profit or loss for the year ended 31 December 20X2 if the asset's fair value less costs to sell at 31 December 20X2 is: a)14,000 b)17,000 c)22,000 In each case, also calculate the profit or loss that should be recognised on the disposal of the asset in 20X3 and comment on the results shown.