Tamarisk Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $840,000 cash for Old Master. Atthe time, Old Master's balance sheet reported assets of $630,000 and liabilities of $180,000 (thus owners' equity was $450,000). The fair value of Old Master's assets is estimated to be $820,000. Included in the assets is the Old Master trade name with a be renewed at nominal costindefinitely. The copyright has a remaining life of 40 years. Prepare the intangible assets section of Tamarisk Golf Inc. at December 31, 2019. How much amortization expense is included in Tamarisk income for the year ended December 31, 2019? Amortization expense. Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Tamarisk Golf Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.)

Tamarisk Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $840,000 cash for Old Master. Atthe time, Old Master's balance sheet reported assets of $630,000 and liabilities of $180,000 (thus owners' equity was $450,000). The fair value of Old Master's assets is estimated to be $820,000. Included in the assets is the Old Master trade name with a be renewed at nominal costindefinitely. The copyright has a remaining life of 40 years. Prepare the intangible assets section of Tamarisk Golf Inc. at December 31, 2019. How much amortization expense is included in Tamarisk income for the year ended December 31, 2019? Amortization expense. Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Tamarisk Golf Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.)

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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