Crown Enterprises acquired a trademark on June 1, 2020. Crown paid cash of $58,000 to the seller. Legal fees of $3,200 were paid related to the acquisition. What amount should be debited to the trademark account?
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- September 1, 2020, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase, Aumont's balance sheet showed assets of $620,000, liabilities of $200,000, and owners' equity of $420,000. The fair value of Aumont's assets is estimated to be $800,000. Compute the amount of goodwill recorded by Winans in the acquisition.What are the answers to Required 1a (goodwill amortization Journal Entry(, 1b (amortization of patent Journey Entry), 1c (amortization of franchise Journal Entry), and to Required 2 (fill in the Partial Balance Sheet)?You noted the following items relative to the company's intangibles assets of Pete Corporation at December 31, 2020.• On January, 2019 Pete signed an agreement to operate as franchisee of Clear Copy Service, Inc., for an initial franchise of P680,000. Of this amount, P200,000 was paid when the agreement was signed and the balance was payable in four annual payment of P120,000 each beginning on January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required in the franchisor. The implicit rate for loan of this type is 14%. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Pete's revenue from the franchise for 2020 was P8,000,000. Pete estimates the useful life of the franchise to be ten years.• Pete incurred P624,000 of experimental development costs in its laboratory to develop a patent which was granted on January 2, 2019, Legal fees and other costs associated with the…
- Do not give answer in imageInformation concerning Blue Corporation’s intangible assets is as follows. 1. On January 1, 2020, Blue signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $57,500. Of this amount, $11,500 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $11,500 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable, and no future services are required of the franchisor. The present value at January 1, 2020, of the 4 annual payments discounted at 10% (the implicit rate for a loan of this type) is $36,450. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Blue’s revenue from the franchise for 2020 was $840,000. Blue estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine the proper accounting treatment for the franchise fee and payments.)…Information concerning Sandro Corporation's intangible assets is as follows. 1. On January 1, 2020, Sandro signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $75,000. Of this amount, $15,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $15,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 4 annual payments discounted at 14% (the implicit rate for a loan of this type) is $43,700. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Sandro's revenue from the franchise for 2020 was $900,000. Sandro estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine the proper accounting treatment for the franchise fee and payments.) 2.…
- Information concerning Adnan Corporation’s intangible assets is as follows. (a) On January 1, 2019, Adnan signed an agreement to operate as a franchisee of Hamed Copy Service, Inc. for an initial franchise fee of R$95,000. Of this amount, R$19,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of R$19,000 each, beginning January 1, 2020. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2019, of the 4 annual payments discounted at 14% (the implicit rate for a loan of this type) is R$55,350. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Adnan estimates the useful life of the franchise to be 10 years. (b) Adnan incurred R$85,000 of experimental and development costs in its laboratory to develop a patent that was granted on January 2, 2019. Legal fees and other costs associated with…Information concerning Tully Corporation's intangible assets is asfollows:a. On January 1, 2019, Tully signed an agreement to operate as afranchisee of Rapid Copy Service Inc. for an initial franchise fee of$85,000. Of this amount, $25,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $15,000each beginning January 1, 2020. The agreement provides that thedown payment is not refundable and no future services arerequired of the franchisor. The present value at January 2, 2019, ofthe 4 annual payments discounted at 14% (the implicit rate for a loan of this type) is $43,700. The agreement also provides that 5%of the revenue from the franchise must be paid to the franchisorannually. Tully's revenue from the franchise for 2019 was $900,000.Tully estimates the useful life of the franchise to be 10 years. b. Tully incurred $78,000 of experimental and development costs inits laboratory to develop a patent, which was granted on January 2, 2019. Legal…In January 1, 2015, Fun company purchased Company A for $40,000 in cash and paid immediately. Fun company assumed all of Company A's assets and assumed Company A's liabilities. company A has assets valued at $60,000 and liabilities valued at $50,000. question: what is the amount of GOODWILL that should be recorded on Fun company's books? provide the journal entry for the acquisition of company A. Make sure to include account classifications and label debits and credits. please show work so I can understand. Thanks!
- General Accounting Question please answerYou noted the following items relative to the company's intangibles assets of Pete Corporation at December 31, 2022. On January 2021, Pete signed an agreement to operate as franchisee of Clear Copy Service, Inc., for an initial franchise of P680,000. Of this amount, P200,000 was paid when the agreement was signed and the balance was payable in four annual payment of P120,000 each beginning on January 1, 2022. The agreement provides that the down payment is not refundable and no future services are required in the franchisor. The implicit rate for loan of this type is 14%. Discount factors of 14% for four years for ordinary annuity and annuity due are 2.9137 and 3.3216, respectively. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Pete's revenue from the franchise for 2022 was P8,000,000. Pete estimates the useful life of the franchise to be ten years. Pete incurred P624,000 of experimental development costs in its…On September 1, 2019, Winans Corporation acquired Aumont Enterprises for a cash payment of £800,000. At the time of purchase, Aumont’s statement of financial position showed assets of £600,000, liabilities of £200,000, and equity of £400,000. The fair value of Aumont’s assets is estimated to be £800,000. Compute the amount of goodwill acquired by Winans.
