Trotman Company had three intangible assets at the end of 2019 (end of the accounting year): Computer software and website development technology purchased on January 1, 2018, for $71,000. The technology is expected to have a four-year useful
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Trotman Company had three intangible assets at the end of 2019 (end of the accounting year):
- Computer software and website development technology purchased on January 1, 2018, for $71,000. The technology is expected to have a four-year useful life to the company with no residual value.
- A patent purchased from Ian Zimmer on January 1, 2019, for a cash cost of $30,000. Zimmer had registered the patent with the U.S. Patent and Trademark Office five years ago. Trotman intends to use the patent for its remaining life.
- A trademark purchased for $13,000 on November 1, 2019. Management decided the trademark has an indefinite life.
Required:
1. Compute the amortization of each intangible at December 31, 2019. The company does not use contra-accounts.
2a. Show how the expenses related to the three intangible assets should be reported on the income statement for 2019.
2b. Show how the three intangible assets should be reported on the
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- General Computers Inc. purchased a computer server for $65,500. It paid 25.00% of the value as a down payment and received a loan for the balance at 6.50% compounded semi-annually. It made payments of $2,400.41 at the end of every quarter to settle the loan. a. How many payments are required to settle the loan? o payments Round up to the next payment b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 11 Payment $0.00 $0.00 Interest Portion Principal Portion 50.00 50,00 SUBMIT QUESTION $0.00 50.00 Principal Balance $49.125.00 $0.00 $0.00Consider the following amortization schedule: Payment # Payment 1 966.45 2 966.45 3 966.45 Interest Debt Payment 750.00 748.92 X 216.45 217.53 Y Balance 149, 783.55 149,566.02 2 With the exception of column one, all amounts are in dollars. Calculate . Give your answer in dollars to the nearest dollar. Do not includo ar or the dollar sign in your answorA ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser%3D0&launchUrl-https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal% Use the following amortization chart: Principal (loan) $88,000 Payment per $1,000 $ 5.68 Monthly mortgage payment $ 499.84 Rate of Selling price of home Down interest Years payment $ 5,000 $ 93,000 5.5% 30 What is the total cost of interest? (Do not round intermediate calculations. Round your answer to the nearest whole dollar.) Total cost of interest acer
- transcribed image text: Luna's savings account had the following balances. Date 04/01/2019 04/17/2019 05/28/2019 06/22/2019 Balance 726,000 782,000 800,000 How much is Luna's ADB for the 2nd quarter of 2019? 535,000 O P752,670.33 O P752,380.43 O P760,648.35 O P761,033.33akeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=&inprogress%3false hapter 11 Lab Application 全 回 Sign ia еBook You have been depositing money into an account yearly based on the following investment amounts, rates and times, what is the value of that investment account at the end of that period? (Click here to see present value and future value tables) Amounts of Value at the End Investment Rate Times of the Period $7,000 20% 16 years 612,094.91X $11,000 15% 9 years 184,644.26X $15,000 12% 5 years 95,292.71 X $36,000 10% 2 years 75,600.00 Feedback > Check My Work For each scenario, use the rate and time components to use the applicable time value of money table to determine the needed factor. Multiply the investment amount by the future value factor to determine the value of end of the period. 6:38 PM G O 4) ENG 13 68°F Sunny 10/26/2021 O P Type here to search hp %24 %24 %24Online teachin x n/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogress%3false еВook Discussion Question 13-6 (LO. 4) On July 16, 2020, Logan acquires land and a building for $500,000 to use in his sole proprietorship. Of the purchase price, $400,000 is allocated to the building, and $100,000 is allocated to the land. Cost recovery of $4,708 is deducted in 2020 for the building (nonresidential real estate). a. What is the adjusted basis for the land and the building at the acquisition date? Land Building b. What is the adjusted basis for the land and the building at the end of 2020? Land Building $ 40 Previous Next Check My Work 10:57 PM 28°F Clear 2/14/2022
- L Download Onfo DO Exam Three Practice Exercises (Blank).pptx Page of 6 ZOOM + Pretax financial income $480,000 Estimated litigation expense 189,000 Installment sales (160,000) Taxable income $509,000 The estimated litigation expense of $189,000 will be deductible in 2021 when it is expected to be paid. The profit from the installment sales will be realized in the amount of $80,000 in each of the next two years, estimated Iliability for litigation is classified as noncurrent and the installment accounts receivable are classified as $80,000 current and $80,000 noncurrent. The income tax rate is 30% for all years. Income tax expense 46°F Mostly clear ENG INTL ovo* Required Question Paying a $50 repair to a piece of Equipment would result in a debit to O Capital O Bank O Equipment O Two of the above are possible. Rack Next Dogo 7of 25A sum of money was invested on December 12, 2021 at 3.7% simple interest p.a. When the money was withdrawn on July 8, 2022, it had matured to $6879.61. How much money was originally invested? d Moving to another question will save this response. Question 4 of 15
- Use the amortization table to determine how much of the 8th payment is interest E Click the icon to view the amortization table. Amortization Table - X The interest amount af the Bth pnyment is S (Type an integer or a decimal.) Amortization Table Рауment Number Amount of Payment Interest Portion to Principal Principal at End of Period for Perlod $1000.00 $918.93 $86.07 $5.00 $81.07 $86.07 $4.59 $81.48 $837.46 $755.57 $86.07 S4.19 $81.88 $86.07 $3.78 $82.29 5673.28 $86.07 $3.37 $82.70 $590 58 S86.07 $86.07 $2.96 $83.12 $507 46 $423.93 $2.54 $83.53 $83.95 $86.07 $2.12 $339.08 $86.07 $1.70 $1.28 S84.37 $84.79 $255.61 10 $86.07 $170 82 $85.60 11 $86.07 S0.85 $85.22 12 S86.03 $0.43 S05.00 $0.00 Print DonePrepare the amortization table for 2025, assuming that amortization is recorded on interest payment dates using the effective-interest method. (Round answers to 0 decimal places, e.g. 25,000.) Date Cash Expense Amortization Carrying Amount 1/1/25 $enter a dollar amount 6/30/25 $enter a dollar amount $enter a dollar amount $enter a dollar amount enter a dollar amount 12/31/25 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amountFile Home Insert Draw Page Layout Formulas Data Review View Help Editing Arial V 10 Merge Currency ... B8 fx A 1. Amortization schedule 2. 3. Loan amount to be repaid (PV) $30,000.00 Interest rate (r) 4. Length of loan (in years) 8.00% 6. 7. a. Setting up amortization table Formula 8. Calculation of loan payment #N/A 6. Repayment of Principal 10 Year Beginning Balance Payment Interest Remaining Balance 11 1 12 13 3 14 15 b. Calculating % of Payment Representing Interest and Principal for Each Year Payment % Representing Payment % Representing Principal Check: Total = 16 Year Interest 100% 17 1 18 19 20 21 Formulas = A Sheet1 Calculation Mode: Automatic Workbook Statistics LL 2 3