Prepare the journal entries to record the sales of patent

Assignment Help Accounting Basics
Reference no: EM133113954

Question - On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $890,000 and $395,000, respectively. On the date of the sale, the book value of the patent was $190,000, and the book value of the equipment was $484,000 (cost of $704,000 less accumulated depreciation of $220,000). Prepare the journal entries to record the sales of the patent and equipment.

Reference no: EM133113954

Questions Cloud

Ethics-Media and Criminal Justice : Define qualified immunity.Create an ethics policy for the media in handling the reporting of criminal justice issues and news;
What is the deadline to avail of the discount : Question - Company XY account invoice date was dated 5/ 20/ 2022, terms 5/10, n/60. What is the deadline to avail of the discount
What is the price of the the stock : A stock that just paid a dividend of D0=$2.2 with 2% growth. The required return for this stock is 6%.
Impact in the change of the company value : SamSan is considering two alternative busses to transport people from the commuter lot to the main campus. Bus A has a cost of P100,000 and will produce end-of-
Prepare the journal entries to record the sales of patent : The book value of the patent was $190,000, and the book value of the equipment was $484,000. Prepare the journal entries to record the sales of patent
Calculate the new annual management fee : Hedge Fund ABC has a 2 and 20 fee arrangement with no hurdle rate and a net asset value (NAV) of $300 million at the start of the year. At the end of the year,
What is total return : You sold to open 10 25-strike calls for $2.10 each on a stock you own. You own 1,200 shares f the stock, which is currently trading at $23.66. The stock rises t
Cross rate between the euro and the mexican peso : A company in the euro zone exports its machinery to a Mexican company with contract amount of €1,200,000. Assuming the exchange rates are quoted as:
Cash settled futures contract : Taylor Series stock is $562/sh today and its futures contract (due in 6 months) is $580. Dividends of $2 are expected in 1 month and 5 months. The interest rate

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much is the joint operation profit after deduction

How much is the joint operation's profit after deduction for salary but before deduction for bonus? On the cash settlement between the joint operators

  Give suitable arguments for considering the given deal

Though facebook made a strategic move by purchasing whatsapp messaging service. Give suitable arguments for considering this deal as overpriced buy or purchase.

  What are the Journal entries for Reddenblack at December

Purple Company reported earnings of $920,000, paid a cash dividend of $2 per share, What are the Journal entries for Reddenblack at December

  What is the total value of the building at Dec

On Jan 1, 2018, Tractor Co obtained an $800,000 loan with a 6% interest rate. What is the total value of the building at Dec 31, 2018

  Prepare adjusting entry for estimated uncollectible accounts

Write off a customer's account for a company. Prepare the adjusting entry for estimated uncollectible accounts for a company using the allowance method.

  Purchases on landscaping supplies direct materials are paid

environmental landscaping inc. is preparing its budget for the first quarter of 2012. the next step in the budgeting

  What was lequin cost of goods sold

Lequin's total manufacturing cost was $543,000. What was Lequin's cost of goods sold

  Compute the annual finance charge or annual finance cost

Compute the annual finance charge or annual finance cost of paying on the 5th day and taking the trade discount on an invoice of P50,000.00

  What was the cash flow to stockholders for the year

The current Income Statement also reports the company paid out $550,000 in cash dividends, What was the cash flow to stockholders for the year

  During the mortgage crisis of 2008-2009 there was a

during the mortgage crisis of 2008-2009 there was a proposal to suspend market-to-market accounting. why was this

  Question regarding property taxes payable-annual adjustments

Lexington Builders owns property in Kaneland County. Lexington's 2013 property taxes amounted to $50,000. Kaneland County will send out the 2014 property tax bills to property owners during April 2015.

  What is the couple adjusted gross income

Their employers withheld $1,800 in federal income taxes and $800 state income tax from their paychecks. What is the couple adjusted gross income

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!

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