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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- Do not give answer in imageSubject - account Please help me. Thankyou.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…At December 31, 2023, Sandhill Corp's general ledger includes the following account balances: Copyrights $52500 Deposits with advertising agency (will be used to promote goodwill) 43000 Discount on bonds payable 74000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 589500 Trademarks 106000 In the preparation of Sandhill's balance sheet as of December 31, 2023, what should be reported as total intangible assets? O $158500 O $748000 $791000 O $822000
- On January 1, 2018, Laica Company purchased a patent from an original patentee for P2,400,000. The remaining life of the patent is 15 years but the useful life is only 12 years. On January 1, 2019, the entity paid P550,000 in successfully defending the patent in an infringement suit filed against the entity. On January 1, 2020, an entity acquired a competing patent for P1,500,000. The competing patent has a remaining life of 15 years but it is not used because it was intended to protect the original patent. Assume that the company is an SME. What is the carrying amount of the patent on December 31, 2020?On 1 July 2019, Michelle Ltd acquired all the issued shares of Tracy Ltd, paying $250 000 cash. At that date, the financial statements of Tracy Ltd showed the following information. Share Capital $100000 Retained Earnings 100000 All the assets and liabilities of Tracy Ltd were recorded at amounts equal to their fair values at the acquisition date, except some inventories recorded at $10 000 below their fair value. Also, Michelle Ltd identified at acquisition date a patent with a fair value of $40 000 that Tracy Ltd has not recorded in its own accounts. Required Prepare the acquisition analysis at 1 July 2019. Prepare the consolidation worksheet entries for Michelle Ltd’s group at 1 July 2019. Discuss how the answers for 1 and 2, above, would change if the Michelle Ltd paid only $200 000 cash for the shares in Tracy Ltd.On March 1, 2020, Dorsey Corporation purchased Johnson Company. The book and fair value of Johnson's balance sheet accounts is shown below. Record the purchase on Dorsey's books under each of the following independent assumptions. a. Dorsey paid Johnson $1,000,000 b. Dorsey paid Johnson $700,000 Book Value Fair Value Cash 50,000 50,000 Accounts Receivable 90,000 75,000 Inventory 125,000 175,000 Equipment 70,000 100,000 Buildings 75,000 95,000 Land 600,000 700,000 Accounts Payable 200,000 200,000 Note Payable Retained Earnings 100,000 100,000 315,000 315,000 Common Stock 15,000 250,000 Paid in Capital For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). 380,000 380,000
- On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $930,000 and $415,000, respectively. On the date of the sale, the book value of the patent was $ $210,000, and the book value of the equipment was $508,000 (cost of $748,000 less accumulated depreciation of $240,000) Prepare the journal entries to record the sales of the patent and equipment.(Accounting for Franchise, Patents, and Trademark) Information concerning Sandro Corporation’s intangible assets is as follows.1. On January 1, 2017, 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, 2018. 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, 2017, of the 4 annual payments discountedat 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 2017 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…On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $910,000 and $405,000, respectively. On the date of the sale, the book value of the patent was $ $200,000, and the book value of the equipment was $496,000 (cost of $726,000 less accumulated depreciation of $230,000) Prepare the journal entries to record the sales of the patent and equipment 1 2 Record the sale of the patent for $910,000. On the date of the sale, the book value of the patent was $200,000.
