Crene corporation has the following accounts included Crane Corporation has the following accounts included in itsDecember 31, 2014, trial balance:Equity Investments (trading) $21,000GoodwillPrepaid InsurancePatentsFranchises$150,000$12,000$220,000$130,000Prepare the intangible assets section of the balance sheet.

Step 1: Define Intangible AssetsIntangible assets form part of the long-term fixed assets other than…

Answered: Crane Corporation has the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Information for Crane Company is given below: Crane Company Balance Sheet December 31, 2021 Assets Equities Cash $ 302000 Accounts payable $ 625000 Accounts receivable (net) 1955000 Income taxes payable 193000 Inventories 2436000 Miscellaneous accrued payables 227000 Plant and equipment, Bonds payable (8%, due 2023) 1900000 net of depreciation 1983000 Preferred stock ($100 par, 6% Patents 262000 cumulative nonparticipating) 700000 Other intangible assets 75000 Common stock (no par, 60,000 Total Assets $7013000 shares authorized, issued and outstanding) 1127000 Retained earnings 2464000 Treasury stock-1500 shares of preferred (223000) Total Equities $7013000 Crane…
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Presented below is the trial balance of Walter Corporation at December 31, 2020.Cash 197,000Sales 7,900,000Trading Securities (at cost, P145,000) 153,000Cost of goods sold 4,800,000Long-term investments in bonds 299,000Long-term investment in share capital - ordinary 277,000Short-term notes payable 90,000Accounts payable 455,000Selling expenses 2,000,000Investment revenue 63,000Land 260,000Buildings 1,040,000Dividends payable 136,000Accrued liabilities 96,000Accounts receivables 435,000Accumulated Depreciation – Building 352,000Allowance for doubtful accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventories 597,000Provision for pension (long term) 80,000Long term notes payable 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation – Equipment 60,000Franchise 160,000Shares Capital – Ordinary 1,000,000Treasury Shares 191,000Patent 195,000Retained Earnings 78,000Other comprehensive income 80,000 Requirements:1. How much is the total assets?2. How…
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Crane Corporation has the following accounts included in its December 31, 2014, trial balance: Equity Investments (trading) $21,000 Goodwill Prepaid Insurance Patents Franchises $150,000 $12,000 $220,000 $130,000 Prepare the intangible assets section of the balance sheet.