User Account

All Pages

Prepare journal entry to record the revaluation of patent

Assignment Help Accounting Basics
Reference no: EM131880667

Problem - Saint John Corporation prepares its financial statements according to IFRS. On June 30, 2013, the company purchased a franchise for $1,200,000. The franchise is expected to have a 10-year useful life with no residual value. Saint John uses the straight-line amortization method for all intangible assets. On December 31, 2013, the end of the company's fiscal year, Saint John chooses to revalue the franchise. There is an active market for this particular franchise and its fair value on December 31, 2013, is $1,180,000.

Calculate amortization for 2013.

Prepare the journal entry to record the revaluation of the patent.

Calculate amortization for 2014.

Reference no: EM131880667

Questions Cloud

What you want to implement into your childs education : What is one thing you might want to see implemented into your child's education that will specifically help with their SLI and why?
Preferred stock with an annual dividend : Achi Corp. has preferred stock with an annual dividend of $3.16. If the required return on? Achi's preferred stock is 8.4%?, what is its? price?
Prepare the appropriate journal entry for each transaction : Parnell Industries buys securities to be available for sale when circumstances warrant, not to profit from short-term differences in price and not necessarily.
Find the five-number summary : a) Find the five-number summary of the following set of data:
Prepare journal entry to record the revaluation of patent : Saint John Corporation prepares its financial statements according to IFRS. Prepare the journal entry to record the revaluation of the patent
Which voices of less educated groups have strongest impact : Which voices of less educated and lower-income groups do you think have the strongest impact on American opinions and on decision makers?
Dividend yield and equity cost of capital : its stock price is expected to grow to $23.97 at the end of the year, what is Krell's dividend yield and equity cost of capital?
How parents can be kept involved in their childs learning : A discussion of how parents can be kept involved in their child's learning once the child has been diagnosed by a physician, psychologist, or neuropsychologist.
Calculate the coefficient of determination : The following data is of the age of an item and the associated price of that item.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd