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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Cagney Company sold $248,000 of bonds on January 1, 2024. A portion of the amortization table follows. Period CashPayment(Credit) InterestExpense(Debit) Discounton BondsPayable(Credit) Discounton BondsPayableBalance CarryingValue At issue $8,000 $240,000 06/30/24 $12,000 $12,800 $800 7,200 240,800 12/31/24 12,000 12,800 800 6,400 241,600 06/30/25 ? ? ? ? ? Required: 1. Determine the stated interest rate on these bonds. Round your answer to the nearest whole number.fill in the blank 1 % 2. Calculate the interest expense and the discount amortization for the interest period ending on June 30, 2025. Interest expense $fill in the blank 2 Discount amortization $fill in the blank 3 3. Calculate the liability balance shown on a balance sheet after the interest payment is recorded on June 30, 2025.$fill in the blank 4
The following selected account balances were taken from the balance sheet of Quitting Corp. as of December 31, 2020, immediately before the take over of the trustee: Marketable securities P300,000 Inventories 110,000 Land 150,000 Building 400,000 Additional information: • Marketable securities have present market value of P320,000. These securities have been pledged to secure notes payable of P280,000. • The estimated worth of inventories is P70,000. However, inventories with book value of P50,000 have been pledged to secure notes payable of P60,000. The realizable value of the inventories pledged is estimated to be P40,000. • Land and building are estimated to have a total realizable value of P450,000. This property is pledged to secure the mortgage payable of P250,000. What is the estimated amount available for preferred claims and unsecured creditors out of the assets pledged with fully secured creditors?a. P240,000b. P840,000c. P770,000
) On October 1, 2018, North Co. invested excess cash of $80,000 by purchasing bonds of South Inc. At year-end, December 31, 2018, the market price of the bonds was $77,000. The investment is categorized as a trading debt investment. Journalize the adjusting entry needed at December 31, 2018. Omit explanation
The following information is also available: 1. Current assets include cash P3,800, accounts receivables P18,500, note receivables (maturity date is on July 1, 2023) P10,000 and land P12,000. 2. Long term investments include a P4,600 investment in fair value though other comprehensive income securities that is expected to be sold in 2022 and a P9,000 investment in AllDay company bonds that are expected to be held until their December 31, 2029 maturity date. 3. Property and equipment include buildings costing P63,400, inventories costing P30,500 and equipment costing P29,600. 4. Intangible assets include patents that cost P8,200 and on which P2,300 amortization have accumulated, and treasury shares that costs P1,800. 5. Other assets include prepaid insurance (which expires on November 30, 2022) P2,900, sinking fund for bond retirement P7,000 and trademarks that cost P5,200 and on which P1,500 amortization has accumulated. 6. Current liabilities include accounts payable P19,400, bonds…
During Year 1, Anthony Company purchased debt securities and holds the securities as available-for-sale. Pertinent data are as follows: Security A B C Cost $20,000 40,000 90,000 $150,000 O $11,000. O $1,000. O $3,000. O $13,000. Fair value at 12/31/Y1 $17,000 30,000 92,000 $139,000 Anthony appropriately carries these securities at fair value, and the decline in value of Security B is attributed to credit loss. The change in value of securities A and C is considered to be due to factors other than credit loss. The amount of loss on these securities that will appear on Anthony's balance sheet as a component of "Accumulated other comprehensive income" at 12/31/Y1 should be
A company provides the following information for the year 2018: Description Description Mortgage payable (due 2021) $32,510 |Unearned revenue Amount Amount Cash $9,950| $17,500 Accounts payable $950 Temporary investments Inventory $16,750 |(to be sold within 3 $6,150 months) Accumulated depreciation Equipment Common shares Prepaid rent $97,500 $15,940 $9,500 $217,500 $50,000 Retained earnings $1,350 Salaries payable $23,750| |Long-term notes payable Accounts receivables $47,500 Compute the current liabilities for the company. a. $58,900 b. $42,960 c. $57,000 d. $57,950
During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 loss
As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts only): Cash (USD 100) = IDR 14,000 Accounts Receivable (USD 5,000) = IDR 70,000,000 Accounts Payable (USD 2,000) = IDR 28,000,000 Paid-in Capital (IDR 1,000,000) = IDR 13,999,000,000 (according to the deed). If on 28 Feb 2018 the exchange rate of 1 USD = 14,500, -, and the USD balance of each of these accounts has not changed, make a journal for each of these accounts on 28 Feb 2018 Question: Accounts Receivable Revaluation Journal is.............a. Dr. Accounts Receivable 72,500,000 Cr. Loss on Foreign Exchange 2,500,000 Cr. Accounts Receivable 70,000,000b. Dr. Loss on Foreign Exchange 2,500,000 Cr. Accounts Receivable 2,500,000c. Dr. Foreign Exchange Gain 2,500,000 Cr. Accounts Receivable 2,500,000d. Dr. Accounts Receivable 2,500,000 Cr. Foreign Exchange Gain 2,500,000
As of 31 Jan 2018, PT D. has balances in the following Balance Sheet accounts (partial accounts only): Cash (USD 100) = IDR 14,000 Accounts Receivable (USD 5,000) = IDR 70,000,000 Accounts Payable (USD 2,000) = IDR 28,000,000 Paid-in Capital (IDR 1,000,000) = IDR 13,999,000,000 (according to the deed). If on 28 Feb 2018 the exchange rate of 1 USD = 14,500, -, and the USD balance of each of these accounts has not changed, make a journal for each of these accounts on 28 Feb 2018 Question: The Cash Revaluation Journal is.......a. Dr. Cash 50,000 Cr. Difference in Exchange 50,000b. Dr. Cash 1,450,000 Cr. Loss on Foreign Exchange 50,000 Cr. Cash 1,400,000c. Dr. Loss on Foreign Exchange 50,000 Cr. Cash 50,000d. Dr. Cash 1,400,000 Dr. Difference in Exchange 50,000 Cr. Cash 1,450,000
To get cash to purchase operating assets, Ballard Company, with a December 31 fiscal year-end, issued bonds with the following characteristics: (i) (ii) (iii) (iv) C. Date of bonds: January 1, 2011 Maturity amount and date: $100,000 due in 10 years (December 31, 2020). Interest: 11% per year payable each December 31. Date issued: January 1, 2011. Required: a. Construct the amortization table for the first 2 years for each bond. See (b). b. Give the journal entries to record the issuance and the first 2 interest payments under each of 3 different independent cases: Case A - The bonds sold at par. Case B - The bonds sold to yield 12%. Case C - The bonds sold to yield 10% Provide the following amounts to be reported on the 2011 financial statements: a., Interest expense b., Bonds payable c., Unamortized premium or discount d., Net Liability e., Stated rate of interest (coupon rate) f., Cash paid for interest Case A $ Case B $ Case C $
has the following balance sheet (December 31, 2023). The figures are in $ million. Cash Short-term investments Accounts receivable Inventory Current assets Gross fixed assets Accumulated deprec. Net fixed assets $40 30 30 70 170 250 50 200 Total assets Accounts payable Accruals Notes payable $370 Current liabilities Long-term debt Common stock (par value=$1) Retained earnings Total common equity Total liab. & equity Note that only 50% of "cash" (shown in the balance sheet above) is used in operation. $30 50 10 90 70 30 180 210 Use the above information to answer questions 8 8. What is its total operating capital for 2023? $240 m $370

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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.