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Question - Nelson Company, organized in 2017, has the following transactions related to intangible assets.
1/2/17 Purchased patent (7-year life) $560,000
4/1/17 Goodwill purchased (indefinite life) $360,000
7/1/17 13-year franchise; expiration date 7/1/2024 $440,000
9/1/17 Research and development costs incurred prior to technological feasibility $448,000
Required - Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017 and recording any necessary amortization and reflecting all balances accurately as of that date.
Prepare the journal entries for John Traders from 2016 year to 2018 Year. John Traders purchased machinery on the 01/01/2016 for R 120 000.
Sally has just won the million-dollar Big Slam jackpot at a gambling casino. The casino will pay her $55,000 per year for 12 years as the payoff. If Sally can invest money at a 11% rate of return, what is the present value of her winnings?
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Michaels Company segments its income statement into its East and West Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $600,000, 60%, and $36,000, respectively. The West Division’s contribution margin an..
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