The intangible assets and goodwill reported by Wildhorse Company at December 31, 2020, follow:Patent #1$ 112,500Less: Accumulated amortization22,5002$90,000Copyright #148,600Less: Accumulated amortization29,16019,440Goodwill221,000Total$ 330,440Patent #1 was acquired in January 2019 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2015 andalso has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill duringthe year 2021:Jan. 2Paid $32,800 of legal costs to successfully defend Patent #1 against infringement by another company.Developed a new product, incurring $186,000 in research costs and $58,080 in development costs, which were paidin cash. The development costs were directly related to Patent #2, which was granted for the product on July 1. ItsJune 30estimated useful life is equal to its legal life of 20 years.Sept. 1Paid $12,600 to an Olympic athlete to appear in commercials advertising the company's products. The commercialswill air in September.Oct. 1Acquired a second copyright for $19,440 cash. Copyright #2 has an estimated useful life of six years. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented inthe problem.)DateAccount Titles and ExplanationDebit(To record legal costs.)(To record research costs.)(To record development costs.)( To record advertising.)(To record copyright.)eTextbook and MediaList of AccountsII II II II DI

Recording of any transactions is based on dual accounting system. Recording of transactions followed…

The intangible assets and goodwill reported by Wildhorse Company at December 31, 2020, follow: Patent #1 $ 112,500 Less: Accumulated amortization 22,500 $ 90,000 Copyright #1 48,600 Less: Accumulated amortization 29,160 19,440 Goodwill 221,000 Total $ 330,440

The intangible assets and goodwill reported by Wildhorse Company at December 31, 2020, follow: Patent #1 $ 112,500 Less: Accumulated amortization 22,500 $ 90,000 Copyright #1 48,600 Less: Accumulated amortization 29,160 19,440 Goodwill 221,000 Total $ 330,440

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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Dont uplode image in answer At 1 July 2019 David Ltd acquired the following non-current assets: Machine A Machine B Machine C Cost 48,000 Cost 70,000 Cost 85,000 Useful Life 8 years Useful Life 8 years Useful Life 10 years The firm uses the valuation model for all three assets At 30 June 2020, the fair values of all assets were assessed. Machine A had a fair value of $45,000, and Machine B a fair value of $58,000. The remaining useful lives were assessed to be 5 years for Machine A and 4 years for Machine B. At this time the value of Machine C was unchanged. At 30 June 2021, Machine C was sold for a consideration of $75,000. On the same date the fair values of Machine A and Machine B were reassessed. Machine A had a fair value of $32,000 and Machine B a fair value of $54,000. Required: Prepare the journal entries for David Ltd for the years ending 30 June 2020 and 2021. Assume a tax rate of 30%.
answer in text form please (without image), Note: .Every entry should have narration please