Sheridan Company, 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. 1/2/20   Purchased patent (8-year life)   $348,800 4/1/20   Purchase goodwill (indefinite life)   346,000 7/1/20   Purchased franchise with 10-year life; expiration date 7/1/30   426,000 8/1/20   Payment of copyright (5-year life)   151,200 9/1/20   Research and development costs   216,000         $1,488,000 1). Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. 2). Make the entry as of December 31, 2020, recording any necessary amortization 3). Make the entry as of December 31, 2020, recording any necessary amortization Use straight-line amortization

Subject:- Account

rmn.3

Sunland Company owns equipment that cost $81,000 when purchased on January 2, 2021. It has been depreciated using the straight-line method based on estimated residual value of $3,000 and an estimated useful life of five years. Prepare Sunland Company’s journal entry to record the sale of the equipment for $18,700 on January 2, 2024.  Prepare Sunland Company’s journal entry to record the sale of the equipment for $18,700 on October 1, 2024.

Skysong Industries has the following patents on its December 31, 2019, balance sheet. Patent Item   Initial Cost   Date Acquired   Useful Life at Date Acquired Patent A   $44,268   3/1/16   17 years Patent B   $17,040   7/1/17   10 years Patent C   $22,560   9/1/18   4 years The following events occurred during the year ended December 31, 2020. 1.   Research and development costs of $247,000 were incurred during the year. 2.   Patent D was purchased on July 1 for $37,848. 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, 2020. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows. Year   Expected Future Cash Flows 2021   $2,200 2022   2,200 2023   2,200 The proper discount rate to be used for these flows is 8%. (Assume that the…

What is the correct journal entry?

Company B's December 31 Year-End Balance Sheet reveals the following: • December 31, 2020 net PPE of $865 • December 31, 2020 Accumulated Depreciation of $250 • December 31, 2021 net PPE of $770 • December 31, 2021 Accumulated Depreciation of $230 • Annual 2021 Depreciation Expense was $100 • During 2021, PPE was purchased for $560; all PPE purchases are made in cash. • During 2021, the gain of the sale of PPE was $20 What is the journal entry Company B recorded to recognize 2021 depreciation expense? Dr. Accumulated Depreciation $20 Cr. Depreciation Expense $20   Dr. Depreciation Expense $100 Cr. Accumulated Depreciation $100   Dr. Depreciation Expense $20 Cr. Accumulated Depreciation $20   Dr. Depreciation Expense $100 Cr. PPE $100

Please do not give solution in image format ?

112.

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