D104 PA1 with corrections and notes

Presented below is information related to a copyright owned by Mare Company at December 31, 2020. Cost $8,600,000 Carrying amount  4,300,000 Expected future net cash flows  4,000,000 Fair value  3,200,000 Assume that Mare Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Instructions a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. b. Prepare the journal entry to record amortization expense for 2021 related to the copyright. c. The fair value of the copyright at December 31, 2021, is $3,400,000. Prepare the journal entry (if any) necessary to record the increase in fair value.

FIXED ASSET 4 On July 1, 2019, PT ABC purchased a copyright of tutorial application for $400,000. It is estimated that the copyright will have a useful life of 8 years without residual value. Instruction: a. Journalize amortization expense for 2019 using straight line method. b. What is the balance of Copyrights on balance sheet of December 31, 2020?

Knowledge Check 01 Aplington Company purchased a copyright for $25,000 and intends to use it for 25 years. Prepare the appropriate journal entry to record the annual amortization of the copyright. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet < 1 WO Record the annual amortization of the copyright. A

Prepare the journal entry to record the impairment of the asset at December 31, 2025. The company does not use accumulated amortization accounts. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry) Account Titles and Explanation Loss on Impairment (b) Copyrights eTextbook and Media List of Accounts Debit Account Titles and Explanation 990000 Debit Credit Prepare the journal entry to record amortization expense for 2026 related to the copyrights. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry) 990000 Attempts: 3 of 4 used Credit

mpaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $86,400. In addition, on December 31, it was estimated that goodwill of $40,500 was impaired. a.  Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Patents  fill in the blank af587df38070ffe_2 fill in the blank af587df38070ffe_3   Cash  fill in the blank af587df38070ffe_5 fill in the blank af587df38070ffe_6   Feedback   Recall that goodwill is not amortized because its useful life is indefinite. b.  Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank. Dec. 31 Amortization Expense-Patents  fill in the blank a52e4402306cfed_2 fill in the blank a52e4402306cfed_3   Patents

Presented below is information related to copyrights owned by Carla Vista Company at December 31, 2020. Cost   $8,630,000 Carrying amount   4,480,000 Expected future net cash flows   4,140,000 Fair value   3,330,000 Assume that Carla Vista Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. The fair value of the copyright at December 31, 2021, is $3,500,000. Prepare the journal entry necessary to record the increase in fair value.

Subject :- Accounting

How can i solve task 20 question 1?

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Presented below is information related to copyrights owned by Carla Vista Company at December 31, 2020. Cost   $8,630,000 Carrying amount   4,480,000 Expected future net cash flows   4,140,000 Fair value   3,330,000 Assume that Carla Vista Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry to record amortization expense for 2021 related to the copyrights.

Presented below is information related to copyrights owned by Taylor Corporation atDecember 31, 2020.Carrying amount     7,000,000Expected future net cash flows   6,200,000Fair value    3,300,000Assume Taylor will continue to use this asset in the future. As of December 31, 2020,the copyrights have a remaining useful life of 5 years.Instructions(a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.(b) Prepare the journal entry to record amortization expense for 2021.(c) The fair value of the copyright at December 31, 2021 is $3,400,000. Prepare thejournal entry, under GAAP, necessary to record this increase in fair value.

Write down goodwill Goodwill was a result of a combination of activities in 2019.  After an analysis, the following information relating to goodwill was determined: Goodwill - $675000             Value in use                            $603,000             Fair value less cost to sell       $580,000 There is no Excel tab for goodwill – you can add a tab to show your calculations. Find if there is any impairment or not.  Intangible Assets During 2020, a trademark and a patent were purchased. The intangible assets are amortized on a straight-line method. To test for impairment, the following items were determined regarding the trademark: Value in use                $110,000 FV less costs to sell    $115,500 In the Excel spreadsheet, see the tab “Intangible Assets” to perform any necessary calculations (I have attached the picture of the excel sheet)  Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

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a. A copyright purchased on January 1, 2020, for a cash cost of $15,70O. The copyright is expected to have a 10-year useful life to Springer. b. Goodwill of $77,000 from the purchase of the Hartford Company on July 1, 2019. CA patent purchased on January 1, 2019, for $56,000. The Inventor had registered the patent with the U.S. Patent and Trademark Office on January 1, 2015. Springer Intends to use the patent for its remaining life. Required: 1. Compute the amortization expense of each intangible for the year ended December 31, 2020. The company does not use contra- accounts. 2a. Show how the expenses related to the three intangible assets should be reported on the Income statement for 2020. 2b. Show how the three intangible assets should be reported on the balance sheet for 2020. (Assume there has been no Impairment of goodwill.)

Intangibles: Balance Sheet Presentation and Income Statement Effects Clinton Company has provided information on Intangible assets as follows: 1. A patent was purchased from Lou Company for $1,230,000 on January 1, 2018. Clinton estimated the remaining useful life of the patent to be 15 years. The patent was carried in Lou's accounting records at a net book value of 5850,000 when Lou sold it to Clinton. 2. During 2019, a franchise was purchased from Rink Company for $550,000, In addition, 6% of revenue from the franchise must be pald to Rink. Revenue from the franchise for 2019 was $2,500,000. Clinton estimates the useful life of the franchise to be 5 years and takes a full vear's amortization in the year of purchase. 3. Clinton incurred RAD costs in 2019 as follows: Materials and equipment $147,000 Personnel 178,000 Indirect costs 69,000 $394,000 Clinton estimates that these costs will be recouped by December 31, 2020. 4. On January 1, 2019, Clinton estimates, based on new events,…

2. Center Company acquired three intangible assets before 2020. The entity is preparing financial statements on December 31, 2020. Before that date, no formal financial statements had been prepared and the cost of intangible assets had been charged to operations when acquired. The following intangible assets were accounted for in this manner. Acquisition date January 1, 2016 July 1, 2017 January 1, 2018 Useful life Cost Copyright 1 Copyright 2 400,000 360,000 500,000 20 15 Patent 10 Required: Compute the total carrying amount of Intangible asset on December 31,2020. 3. At the beginning of current year, Outlandish Company entered into a franchise agreement with Jollibee Company to sell - Jollibee products for an indefinite period. The agreement provides for an initial fee of P20,000,000, P5,000,000 down upon signing of the contract and the balance in four equal annual payments every year-end. The entity signed 10% interest-bearing note for the balance. The collection of the note is…

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Exercise 12-06 Pharoah 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 (7-year life) $304,500 4/1/20 Purchase goodwill (indefinite life) 345,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 425,000 8/1/20 Payment of copyright (5-year life) Research and development costs 150,000 9/1/20 215,000 $1,439,500 X Your answer is incorrect. Try again. Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when 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.)

eBook   Show Me How Intangibles: Balance Sheet Presentation and Income Statement Effects Han Company has provided information on intangible assets as follows: A patent was purchased from Lou Company for $1,395,000 on January 1, 2018. Han 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 $1,065,000 when Lou sold it to Han. During 2019, a franchise was purchased from Rink Company for $330,000. In addition, 4% of revenue from the franchise must be paid to Rink. Revenue from the franchise for 2019 was $2,300,000. Han estimates the useful life of the franchise to be 5 years and takes a full year's amortization in the year of purchase. Han incurred R&D costs in 2019 as follows: Materials and equipment $136,000 Personnel 175,000 Indirect costs 53,000   $364,000 Han estimates that these costs will be recouped by December 31, 2020. On January 1, 2019, Han estimates, based on new…

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