Question 5 A. Manam Co. purchased a Trademark for $ 160,000 on October 1, 2020. The Trademark is legally used for 10-year period. Required: Prepare the joumal entry to record the amortization expense on Dec. 31, 2020 B. On January 1, 2018, Zallaq Trading Co. acquired a truck costing $850,000. Zallag uses the straight-line method to depreciate the truck with an estimated salvage value of $50,000 and an estimated useful life of 20 years. On July 1, 2020, Zallag sold the truck for $ 720,000 cash. Required: Prepare journal entries to record: 1. The partial year's depreciation (the update) on July 1, 2020. 2. The sale of the truck on July 1, 2020. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE ," BETWEEN NUMBERS: Dr. Cash 10000 Cr. Land 10000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). A v ... BIUS Paragraph Arial 10pt 四

Question 5 A. Manam Co. purchased a Trademark for $ 160,000 on October 1, 2020. The Trademark is legally used for 10-year period. Required: Prepare the joumal entry to record the amortization expense on Dec. 31, 2020 B. On January 1, 2018, Zallaq Trading Co. acquired a truck costing $850,000. Zallag uses the straight-line method to depreciate the truck with an estimated salvage value of $50,000 and an estimated useful life of 20 years. On July 1, 2020, Zallag sold the truck for $ 720,000 cash. Required: Prepare journal entries to record: 1. The partial year's depreciation (the update) on July 1, 2020. 2. The sale of the truck on July 1, 2020. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM; DO NOT USE ," BETWEEN NUMBERS: Dr. Cash 10000 Cr. Land 10000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). A v ... BIUS Paragraph Arial 10pt 四

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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