Hi there, can help with answering the attached questions, thanks so much. The following Information concerns the Intangible assets of Epstein Corporation:a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2,480,000 in cash. The fair value of the netIdentifiable assets of Johnstone was $2,100,000.b. Included in the assets purchased from Johnstone was a patent that was valued at $81,200. The remaining legal life of the patentwas 12 years, but Epstein believes that the patent will only be useful for another seven years.c. Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of $208,800. The contractual life of the franchiseIs 9 years.Required:1. Prepare year-end adjusting journal entries to record amortization expense on the Intangibles at December 31, 2021.2. Prepare the intangible asset section of the December 31, 2021, balance sheet.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2021. ((Do not roundintermediate calculations.). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheet< 12 3Record the goodwill amortization.Note: Enter debits before credits.TransactionRecord entryGeneral JournalClear entry< Required 1DebitCreditView general JournalRequired 2 > The following Information concerns the Intangible assets of Epstein Corporation:a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2,480,000 in cash. The fair value of the netIdentifiable assets of Johnstone was $2,100,000.b. Included in the assets purchased from Johnstone was a patent that was valued at $81,200. The remaining legal life of the patentwas 12 years, but Epstein believes that the patent will only be useful for another seven years.c. Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of $208,800. The contractual life of the franchiseIs 9 years.Required:1. Prepare year-end adjusting journal entries to record amortization expense on the Intangibles at December 31, 2021.2. Prepare the intangible asset section of the December 31, 2021, balance sheet.Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare the intangible asset section of the December 31, 2021, balance sheet. (Do not round intermediate calculations.)Partial Balance SheetDecember 31, 2021Intangible assets:GoodwillPatentFranchiseTotal intangiblesS0< Required 1Required 2 >

Journal entry is the first stage of accounting process. Journal entry used to record business…

The following information concerns the Intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2,480,000 in cash. The fair value of th Identifiable assets of Johnstone was $2,100,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $81,200. The remaining legal life of the pate was 12 years, but Epstein believes that the patent will only be useful for another seven years. c. Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of $208,800. The contractual life of the franc Is 9 years. Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the Intangibles at December 31, 2021. 2. Prepare the Intangible asset section of the December 31, 2021, balance sheet.

The following information concerns the Intangible assets of Epstein Corporation: a. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $2,480,000 in cash. The fair value of th Identifiable assets of Johnstone was $2,100,000. b. Included in the assets purchased from Johnstone was a patent that was valued at $81,200. The remaining legal life of the pate was 12 years, but Epstein believes that the patent will only be useful for another seven years. c. Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of $208,800. The contractual life of the franc Is 9 years. Required: 1. Prepare year-end adjusting journal entries to record amortization expense on the Intangibles at December 31, 2021. 2. Prepare the Intangible asset section of the December 31, 2021, balance sheet.

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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