Reference no: EM132636460
Question - Blossom Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020.
1/2/20 Purchased patent (7-year life) $316,400
4/1/20 Purchase goodwill (indefinite life) 362,000
7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 442,000
8/1/20 Payment of copyright (5-year life) 170,400
9/1/20 Research and development costs 232,000
$1,522,800
Required -
1. Make the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.
2. Make the entry as of December 31, 2020, recording any necessary amortization.
|
What is the journal entry to record the first debt service
: Term revenue bonds at 8 percent per annum, interest payable semiannually Total Bonds 3,000,000. What is the journal entry to record the first debt service
|
|
Prepare the intangibles section of Wildhorse balance sheet
: A patent was purchased from Windsor Company for $1,700,000. Prepare the intangibles section of Wildhorse's balance sheet at December 31, 2020
|
|
Explain the reasons bonds would sell at discount
: Explain the reasons bonds would sell at discount or at premium. Include advantages and disadvantages of each situation for bond issuers and bond investors
|
|
Compute amortization and book value
: Compute 2019 amortization, 12/31/19 book value, 2020 amortization, and 12/31/20 book value if the company amortizes the trade name over 10 years
|
|
Make entry as of December recording necessary amortization
: Blossom Company, organized in 2019, has set up a single account for all intangible assets. Make entry as of December recording necessary amortization
|
|
Identify a substantive auditing procedure
: Identify a substantive auditing procedure that could detect errors or frauds that could result from the absence or ineffectiveness of the control items
|
|
Starbucks case analysis
: Starbucks Case Analysis and Application of Strategy Models - Select any case from the following aspects of competitive strategy and apply the theories
|
|
Prepare the journal entry to record the redemption
: The bonds are callable at 101 (i.e., at 101% of face amount), and on January 2, 2020, Prepare the journal entry to record the redemption
|
|
How components of corporate social responsibility reporting
: Evaluate how the components of corporate social responsibility reporting (i.e, social reporting and environmental reporting) of the XERO LIMITED
|