These are selected 2025 transactions for Swifty Corporation:Jan. 1Purchased a copyright for $144,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years.Mar. 1Sept. 1Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $87,024.Purchased a small company and recorded goodwill of $174,000. Its useful life is indefinite.Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry. Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)DateAccount Titles and ExplanationDec. 31Amortization ExpenseCopyrights(To record amortization of Copyrights)Dec. 31Amortization ExpensePatents(To record amortization of Patents)Dec. 31Amortization ExpenseGoodwill(To record amortization of Goodwill)Debit2400021756Credit2400021756

Step 1: Prepare the journal entry for amortization of copyright Copyright pertains to an…

Answered: These are selected 2025 transactions…

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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Bonita Industries Ltd., a public company, presents you with the following information: (a) Complete the table for the year ended December 31, 2027. The company depreciates all assets for a half year in the year of acquisition and the year of disposal. (Round answers to O decimal places, e.g. 5,275.) Description Machine A Machine B Machine C Date Purchased Dec. 2, 2025 Aug. 15, 2024 July 21, 2023 Cost $140,000 72,000 (3) Residual Value $12,000 15,000 22,000 Life in Years 10 5 8 Depreciation Method Straight-line Double-declining-balance (1)
What is the correct journal entry?
The following five independent questions relate to the GIANTS Co, whose reporting year ends on 12/31. Giants Co developed a trademark internally, incurring the following costs on 1/1/18: Design Registration $282,000 $132,000 $92,000 Research/Development On 1/1/20, Giants Co acquired a trade name for $498,000. At the time of development (1/1/18) and acquisition (1/1/20), Giants Co estimated that the economic life of each asset would be 12 years. On 1/1/24, Giants Co successfully defended the trade name in a legal battle at a cost of $21,700. As a result, the economic life was adjusted to extend through the year 2032. Also on this day, Giants Co has determined that the trademark would have an unlimited capacity to produce cash flows. ** REQUIRED: 1) Determine the following: a) TOTAL amount of amortization expense reported FYE 12/31/23. b) TOTAL amount of amortization expense reported FYE 12/31/24. c) carry value of the Trademark at 12/31/24. d) carry value of the Trade Name at 12/31/24.
On December 31, Chase Rock Company estimated that a goodwill of $80,000 was impaired. In addition, on June 1, Chase Rock acquired a patent with an estimated useful life of 10 years for $262,000. Required: Journalize the adjusting entry on December 31, for the impaired goodwill. Journalize the adjusting entry on December 31, for the amortization of the patent rights.
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Marigold Company owns equipment that cost $79,000 when purchased on January 1, 2019. It has been depreciated using the straight-line method based on an estimated salvage value of $7,900 and an estimated useful life of 5 years. Depreciation expense adjustments are recognized annually. Instructions: Prepare Marigold Company's journal entries to record the sale of the equipment in these four independent situations. Update depreciation on assets disposed of at time of sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) (a) (b) (c) (d) (e) (A) SR. Account Titles and Explanation (a) (b) Sold for $45,000 on January 1, 2022. Sold for $45,000 on April 1, 2022. Sold for $17,000 on January 1, 2022. Sold for $17,000 on September 1, 2022 Repeat (a), assuming Marigold uses double-declining balance…
On January 2 of the current year, a company purchased a patent for $35,000 with a useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year using the general journal.
in Reynolds buys building (10 year useful life) on January 1, 2019 for $1,000,000. Straight line depreciation is used. On the same day, Reynolds sells building to 90% owned subsidiary for $1,200,000. Subsidiary also uses a remaining useful life of 10 years. What is the appropriate worksheet entry for "excess depreciation" that must be prepared at December 31, 2019? shift O Dr. Depreciation Expense $120,000. Cr. Accumulated Depreciation $120,000 O Dr. Depreciation Expense $20,000. Cr. Accumulated Depreciation $20,000 tab O Dr. Accumulated Depreciation $20,000 Cr. Depreciation Expense $20,000 caps lock O Dr. Accumulated Depreciation $120,000. Cr. Depreciation Expense $120,000 esc 1 9,680 ! 1 Q A T control option Z 72 W S OCT 25 #3 X H command 80 F3 E D $ 4 с 160 000 000 F4 R tv F 175⁰ % F5 V T G
Skysong Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A 3/1/21 17 years $41,616 $15,480 Patent B 7/1/22 10 years Patent C $16,320 9/1/23 4 years The following events occurred during the year ended December 31, 2025. 1. Research and development costs of $234,000 were incurred during the year. 2. Patent D was purchased on July 1 for $47,196. This patent has a useful life of 91/2 years. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows.
G Company purchases a patent for $120000 on Jan 1, 2008. It has estimated useful life is 10 years. Prepare journal entry to record patent expense for the first year
Skysong Industries has the following patents on its December 31, 2024, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $41,616 3/1/21 17 years Patent B $15,480 7/1/22 10 years Patent C $16,320 9/1/23 4 years The following events occurred during the year ended December 31, 2025. 1. Research and development costs of $234,000 were incurred during the year. Patent D was purchased on July 1 for $47,196. This patent has a useful life of 91/2 years. 2. 3. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Skysong estimates the expected future cash flows from Patent B will be as follows.
eBook Entries for sale of fixed asset S Equipment acquired on January 8 at a cost of $125,920 has an estimated useful life of 14 years, has an estimated residual value of $8,600, and is depreciated by the straight-line method. Show Me How What was the book value of the equipment at December 31 the end of the fourth year? Account b. Assuming that the equipment was sold on April 1 of the fifth year for $85,120. 1. Journalize the entry to record depreciation for the 3 months until the sale date. If an amount box does not require an entry, leave it blank. Round your answers to the nearest whole dollar if required. Debit Credit Print Item 0000 8 2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank. Do not round intermediate calculations. 0000

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