ACCO 4400 7.2

Problem 7-6A (Algo) Record amortization and prepare the intangible assets section (LO7-5) The following information relates to the intangible assets of University Testing Services (UTS): a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,306,000 in cash. The fair value of the net identifiable assets of Heinrich was $3,000,000. b. Included in the assets purchased from Heinrich was a patent valued at $92,400. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only eight more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $362,000. The contractual life of the franchise is 10 years. Required: 1. Record amortization expense for the intangible assets at December 31, 2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Required: Required 2…

Allocating payments and receipts to fixed asset accountsThe following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. A.  Fee paid to attorney for title search..............  $2,500 B.  Cost of real estate acquired as a plant site: Land  285,000 C.  Delonquent real estate taxes on property, assumed by purchaser...... 15,500 D.  Cost of razing and removing building acquired in B......... 5,000   E.  Proceeds from sale of salvage materials from old building........  4,000*  F.  Special assessment paid to city for extension of water main to the property......  29,000 G.  Architect's and engineer's fees for plans and supervision........ 60,000 H.  Premium on one-year insurance policy during construction.....  6,000 I.  Cost of filling and grading land............. 12,000 J.  Money borrowed to pay building contactor.......  900,000*  K.  Cost of…

The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash   $  25500   Accounts Payable     $  60500 Prepaid Insurance   29700   Salaries and Wages Payable     15100 Accounts Receivable   50600   Mortgage Payable     84500 Inventory   68600         Total Liabilities     160100 Land Held for Investment   83500           Land   120600           Buildings $98100                   Less Accumulated            Depreciation       Owner's Capital     366400 (19600) 78500           Trademark   69500         Total Liabilities and         Owner’s Equity       Total Assets   $526500       $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.

The following information is for Bridgeport Real Estate: Bridgeport Real Estate Balance Sheet December 31, 2020 Cash $ Accounts Payable $ 24800 59600 Prepaid Insurance 30200 Salaries and Wages Payable 15200 Accounts Receivable 49500 Mortgage Payable 85700 Inventory 70100 Total Liabilities 160500 Land Held for 85800 Investment Land 118400 Buildings 98500 Less Accumulated Owner's Capital 365300 Depreciation ( 78300 20200) Trademark 68700 Total Liabilities and Total Assets 24 Owner's Equity 24 525800 525800 The total dollar amount of assets to be classified as current assets is O $ 190300. O $174600. O$ 104500. O $ 260400.

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Calculate the assessed value (in $) and the property tax due (in $) on the property. Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $312,000 80 $  $25.70 per $1,000 $

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Calculate the assessed value (in $) and the property tax due (in $) on the property. (Round your answers to the nearest cent.) Fair MarketValue AssessmentRate AssessedValue PropertyTax Rate PropertyTax Due $342,900 72 $  5.1% $

ACCOUNTING FOR INVESTMENT PROPERTY.PROBLEM 1. PLEASE ANSWER  AND SHOW SOLUTION

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ACCOUNTING FOR INVESTMENT PROPERTY.PROBLEM 4.  PLEASE ANSWER  AND SHOW SOLUTION

Current Attempt in Progress These expenditures were incurred by Cullumber Company in purchasing land: cash price $60,010, assumed accrued taxes $5,490, attorney's fees $2,260, real estate broker's commission $3,960, and clearing and grading $4,220. What is the cost of the land? The cost of the land $