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Ayayal corporation to record amortization of intangibles

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Reference no: EM131795389

On July 1, 2017, Ayayal Corporation purchased young Company by paying $251,000 cash and issuing a $100,000 note payable to steve young.  At July 1, 2017, the balance sheet young company was as follows.

Cash                       $50,000                                Account payable 202,000

Account receivable 89,000                                  Stockholder's equality 232,500 

Inventory                 100,000                                                              434,500

Land                         40,000                                                                

Buildings (net)         74,500

Equipment (net)       69,500

Trademarks               11,000

                              $434,500

 

To record amounts all approximate current values except for land (fair value of 60,000), inventory ( fair value of $124,000), and trademarks ( fair value of $14,960).

Prepare the July 1 entry for Ayayal corporation to record the purchase.To record amounts all approximate current values except for land (fair value of 60,000), inventory ( fair value of $124,000), and trademarks ( fair value of $14,960).

Prepare the July 1 entry for Ayayal corporation to record the purchase.

Prepare the December 31 entry for Ayayal Corporation to record amortization of intangibles. The trademark has estimated useful life of 4 years with a residual value of

 

Reference no: EM131795389

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