General Journal2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank.Page: 1DATE1 20-- Dec. 31 Patent Amortization (Expense)2CashX3Patents4 Dec. 31Copyright Amortization (Expense)CashСЛ67 Dec. 318ACCOUNT TITLE6XCopyrightsFranchise Amortization (Expense)CashFranchiseXDOC. POST.NO. REF.DEBIT1,0002,2505,000CREDIT11,000 ✓ 2342,250 ✔ 5675,000 ✔ 89 Calculations1. Using the straight-line method, calculate the amortization of the patent, copyright, and Franchise.a. Patent1,000 ✓b. Copyright2,250c. Franchise5,00010,000 X

AMORTIZATION EXPENSE Intangible assets such as goodwill, trademarks and patents are written off…

General Journal 2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank. Page: 1 DATE 1 20- Dec. 31 Patent Amortization (Expense) Cash x 2 3 Patents 4 Dec. 31 Copyright Amortization (Expense) Cash 5 6 7 Dec. 31 8 9 ACCOUNT TITLE x Copyrights Franchise Amortization (Expense) Cash Franchise X DOC. POST. NO. REF. DEBIT 1,000 2,250 5,000 CREDIT 1 1,000 ✓ 2 3 4 2,250 ✔ 5 6 7 5,000 ✔ 8 9

General Journal 2. Prepare general journal entries to record the end-of-year amortizations. If an amount box does not require an entry, leave it blank. Page: 1 DATE 1 20- Dec. 31 Patent Amortization (Expense) Cash x 2 3 Patents 4 Dec. 31 Copyright Amortization (Expense) Cash 5 6 7 Dec. 31 8 9 ACCOUNT TITLE x Copyrights Franchise Amortization (Expense) Cash Franchise X DOC. POST. NO. REF. DEBIT 1,000 2,250 5,000 CREDIT 1 1,000 ✓ 2 3 4 2,250 ✔ 5 6 7 5,000 ✔ 8 9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Exercise 11-23 (Algo) Change in estimate; useful life and residual value of equipment [LO11-2, 11-5] [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $57,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Exercise 11-23 (Algo) Part 1 Required: 1. Prepare the year-end journal entry for depreciation in 2021. No depreciation was recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answer to nearest whole dollar.) X Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 1 Depreciation expense 4,500 X Accumulated…
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Question 1: (Continued) (b) Construct an amortization schedule by completely filling in the table below. Only show the necessary work for payment period #1 in the space below the table. No need to show work for all payment periods, just the first. Payment Number Amount Paid (PMT) Outstanding Principal Interest Paid Principal Repaid Balance 0 $20,000 1 2 3 4 5 6
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