A. Muharraq Industrial Co. purchased a Tradename for $ 240,000 on July 1, 2021. The Trademname is legally used for 20-year period.Required: Prepare the journal entry to record the amortization expense on Dec. 31, 2021B. On January 1, 2019, Gulf Trading Co. acquired a machine costing $235,000. The company uses the straight-line method to depreciate the truck with an estimated salvage value of $35,000 and an estimated useful life of 10 years. On March 31, 2021, The companysold the machine for $ 170,000 cash.Required: Prepare journal entries to record:1. The partial year's depreciation (the update) on March 31 2021.2. The sale of the machine on March 31, 2021.YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM, DO NOT USE "," BETWEEN NUMBERS:Dr. Cash 10000Cr. Land 10000For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

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A. Muharraq Industrial Co. purchased a Tradename for $ 240,000 on July 1, 2021. The Trademname is legally used for 20-year period Required: Prepare the journal entry to record the amortization expense on Dec 31, 2021

A. Muharraq Industrial Co. purchased a Tradename for $ 240,000 on July 1, 2021. The Trademname is legally used for 20-year period Required: Prepare the journal entry to record the amortization expense on Dec 31, 2021

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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A. Muharraq Industrial Co. purchased a Tradename for $ 240,000 on July 1, 2021. The Trademname is legally used for 20-year period.
Required: Prepare the journal entry to record the amortization expense on Dec. 31, 2021
B. On January 1, 2019, Gulf Trading Co. acquired a machine costing $235,000. The company uses the straight-line method to depreciate the truck with an estimated salvage value of $35,000 and an estimated useful life of 10 years. On March 31, 2021, The company
sold the machine for $ 170,000 cash.
Required: Prepare journal entries to record:
1. The partial year's depreciation (the update) on March 31 2021.
2. The sale of the machine on March 31, 2021.
YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM, DO NOT USE "," BETWEEN NUMBERS:
Dr. Cash 10000
Cr. Land 10000
For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

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