Need help with #2 only Presented below is selected information for Sheridan Company.Answer the questions asked about each of the factual situations. (Do not leave any answer field blank. Enter 0 for amounts.)1. Sheridan purchased a patent from Vania Co. for $1,160,000 on January 1, 2018. The patent is being amortized over its remaininglegal life of 10 years, expiring on January 1, 2028. During 2020, Sheridan determined that the economic benefits of the patent wouldnot last longer than 6 years from the date of acquisition. What amount should be reported in the balance sheet for the patent, net ofaccumulated amortization, at December 31, 2020?The amount to be reported$6960002. Sheridan bought a franchise from Alexander Co. on January 1, 2019, for $330,000. The carrying amount of the franchise onAlexander's books on January 1, 2019, was $330,000. The franchise agreement had an estimated useful life of 30 years. BecauseSheridan must enter a competitive bidding at the end of 2021, it is unlikely that the franchise will be retained beyond 2028. Whatamount should be amortized for the year ended December 31, 2020?The amount to be amortized243. On January 1, 2020, Sheridan incurred organization costs of $265,000. What amount of organization expense should be reported in2020?The amount to be reported$HP All-in-One

GIVEN 2. Sheridan bought a franchise from Alexander Co. on January 1, 2019, for $330.000. The carrying amount of the franchise on Alexander's books on January 1, 2019, was $330.000. The franchise agreement had an estimated useful life of 30 years. Because Sheridan must enter a competitive bidding at the end of 2021, it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020Date of Acquition is 01.01.2019 Franchise Cost =$330,000 Amortising Period =30 Years Depreciation for Year 2019 =$330,000/30=$11,000 Franchise accumulated depreciation as on 01.01.2020 =$11,000 Carrying amount as on 01.01.2020= $330,000-$11,000=$328900 In year 2020 it is observed that Becuase of company must enter intyo competetive bidding by end of 2021 ,it is unlikelythat the franchise will be retained beyond the year 2028 Balance life as on 01.01.2020 is 9 Years(2028-2019=9 Years) Carrying amount is Amortised over balance life Revised amortising amount =$328900/9 years =$36,544.44 So amortisng amount for year ended December 31,2020 is $36,544.44

Business

Accounting

2. Sheridan bought a franchise from Alexander Co. on January 1, 2019, for $330,000. The carrying amount of the franchise on Alexander's books on January 1, 2019, was $330,000. The franchise agreement had an estimated useful life of 30 years. Because Sheridan must enter a competitive bidding at the end of 2021, it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020? The amount to be amortized %$4

2. Sheridan bought a franchise from Alexander Co. on January 1, 2019, for $330,000. The carrying amount of the franchise on Alexander's books on January 1, 2019, was $330,000. The franchise agreement had an estimated useful life of 30 years. Because Sheridan must enter a competitive bidding at the end of 2021, it is unlikely that the franchise will be retained beyond 2028. What amount should be amortized for the year ended December 31, 2020? The amount to be amortized %$4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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