Prepare the december 31 entry for brigham corporation to

Reference no: EM13568533

Part A -On July 1, 2014, Brigham Corporation purchased Young Company by paying $250,000 cash and issuing a $100,000 note payable to Steve Young. At July 1, 2014, the balance sheet of Young Company was as follows.

Cash	$50,000	Accounts payable	$200,000
Accounts receivable	90,000	Stockholders' equity	235,000
Inventory	100,000		$435,000
Land	40,000
Buildings (net)	75,000
Equipment (net)	70,000
Trademarks	10,000
	$435,000

The recorded amounts all approximate current values except for land (fair value of $60,000), inventory (fair value of $125,000), and trademarks (fair value of $15,000).

Prepare the July 1 entry for Brigham Corporation to record the purchase.

Account Title Debit Credit

10.

11.

Part B -Prepare the December 31 entry for Brigham Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,000.

Account Title Debit Credit

Reference no: EM13568533

Questions Cloud

Becoming smart involves gaining knowledge through reading : becoming smart involves gaining knowledge through reading and formal education. do you agree or disagree with this

The dean company has sales of 500000 and the break-even : 1 the dean company has sales of 500000 and the break-even point in sales dollars of 300000. determine the companys

Nygaard corporation uses the weighted-average method in its : nygaard corporation uses the weighted-average method in its process costing. the following data pertain to its assembly

Some have suggested that the names of majority race jurors : the supreme court has repeatedly asserted that a defendant is not entitled to a jury composed in whole or in part of

Prepare the december 31 entry for brigham corporation to : part a -on july 1 2014 brigham corporation purchased young company by paying 250000 cash and issuing a 100000 note

If a corporation sold x units of product for y each and had : if a corporation sold x units of product for y each and had m in total fixed and l in total variable costs write

Stojko corporation had a net decrease in cash of 10000 for : stojko corporation had a net decrease in cash of 10000 for the current year. net cash used in investing activities was

Prepare a new income statement for the year using variable : topple company produces a single product. operating data for the company and its absorption costing income statement

What is the fsab codification for net operating loss i have : what is the fsab codification for net operating loss? i have to write a paper on how it is handled on the financial

User Account

All Pages