Prepare necessary adjusting entries

Reference no: EM1363050

I have already journalized all entries required, but am having trouble with adjusting entries at December 31 to record amortization required by the events above.

The following are selected 2006 transactions of Yosuke Corporation.

Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
May 1 Purchased for $60,000 a patent with an estimated useful life of 5 years and a legal life of 20 years.

Instructions:
Prepare necessary adjusting entries at December 31 to record amortization required by the events above.

Reference no: EM1363050

Questions Cloud

Explain which monetary aggregate : Explain which monetary aggregate should the central bank head choose to emphasize?

Health issue-school lunch programs : The schools are in a bind as they make money off of the vending machines yet what is their responsibility to the 2/3 of overweight Americans? What are schools serving up for lunch? Does the community see this as a health issue?

Explain about risk management : What are the social and cultural risks and what are the cyber or technology-based risks

Revamping standard setting for accounting : Is there a need for revamping the standard setting for (GAAP) accounting and should the federal government be involved?

Prepare necessary adjusting entries : I have already journalized all entries required, but am having trouble with adjusting entries at December 31 to record amortization required by the events above.

What was the bullets flight time : What was the bullet's flight time. A marble is thrown horizontally with a speed of 11 m/s from the top of a building. When it strikes the ground, the marble has a speed that makes an angle 38° with the horizontal. From what height above the ground..

After tax incremental cash flow : A project is estimated to generate $5,000 in incremental gross profit, which includes $200 in depreciation. Incremental SG&A expense is $400. At a 35% tax rate, what is the after-tax incremental cash flow? Should the project be accepted or rejecte..

Explain different countries have different issues : Explain Different countries have different issues and diseases and If the US would just allow any and everything to be imported

Explain how someone will go about setting goals : explain how someone will go about evaluating goals and the achievement of those goals

User Account

All Pages