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Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. Timber rights on a tract of land were purchased for $648,000 on July 5. The stand of timber is estimated at 3,600,000 board feet. During the current year, 1,200,000 board feet of timber were cut and sold.
b. Goodwill in the amount of $27,000,000 was purchased on January 7.
c. Governmental and legal costs of $780,000 were incurred on October 4 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for one-fourth year. Instructions
1. Determine the amount of the amortization or depletion expense for the current year for each of the foregoing items.
2. Journalize the adjusting entries required to record the mortization or depletion for each item.
How well reported net income of $100,000 in 2010 and $120,000 in 2011 while paying $40,000 in dividends each year. Compute the amount of unrealized intra-entity inventory profit to be deferred on December 31, 2010 and 2011?
Straight-line depreciation was used to depreciate the rental real estate. The rental properties will be sold at a substantial gain. What is the nature of these gains and losses?
What are mathematical model and computer simulation? What are stochastic model and deterministic model?
With regard to GASB rules for the financial reporting entity, answer the following:Define financial reporting entity.
ARB 43 noted that there are two separate types of intangibles: those having a term of existence limited by regulation and others and those having no such terms of existence
Analytical procedures for the cash cycle
Financial Statement Analysis and Preparation, The stockholders' equity section of Mission Company
Dividend changes can be used by management as a credible communication tool to signal investors about future earnings under which of the subsequent dividend policy theories?
Discuss how a company’s board of directors can impact the operational and financial performance of the company. Determine whether or not Triarc’s acquisition of Wendy’s through a stock swap was good for either company and state your rationale.
For Egger Manufacturing, evaluate the annual manufacturing overhead cost-allocation rate and what amount of manufacturing overhead costs may be allocated to this job?
To the nearest whole dollar, illustrate what should be the total property taxes at a sales volume of 30,900 units? (Assume that this sales volume is within the relevant range.)
What is the amount of total income recognized in the 2014 income statement solely as a result of these bonds?
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