Reference no: EM132045559
Question - The following information concerns the intangible assets of Epstein Corporation:
On June 30, 2016, Epstein completed the acquisition of the Johnstone Corporation for $2,000,000 in cash. The fair value of the new identifiable assets of Johnstone was $1,700,000.
Included in the assets purchased from Johnstone was a patent that was valued at $80,000. The remaining legal life of the patent was 13 years, but Epstein believes that the patent will only be useful for another eight years.
Epstein acquired a franchise on October 1, 2016 by paying an initial franchise fee of $200,000. The contractual life of the franchise is 10 years.
1. Prepare year end adjusting journal entries to record amortization expense on the intangibles at December 31, 2016
2. Prepare the intangible asset section of the Dec 31, 2016, balance sheet.
|
List skills and traits that are important in teaching
: List skills and traits that are important in teaching in the early childhood environment. Then write a paragraph on each.
|
|
Write a complaint letter about one of the given topic
: Write a complaint letter about one of the following: an error in your utility, mobile phone, credit card, or Internet provider bill.
|
|
Determine the pension asset and liability at december
: At December 31, 2014, Besler Corporation had a projected benefit obligation of $560,000, Determine the pension asset/liability at December 31, 2014
|
|
What is the average daily collection float
: What is the average daily collection float? What is the weighted average delay? calculate the daily cost of the float.
|
|
Prepare year end adjusting journal entries
: Epstein acquired a franchise on October 1, 2016 by paying an initial franchise fee of $200,000. Prepare year end adjusting journal entries
|
|
What major issues confronting professionals in your field
: What are the major issues confronting professionals in your field? What are the 3 most important journals people in your area read? What format do these journal
|
|
What is the company cost of debt
: What is the company’s weighted average cost of capital? What is the company’s cost of equity? What is the company’s cost of debt?
|
|
Prepare the general journal entry to record the cash payment
: Prepare the general journal entry to record the cash payment for the purchase assuming a discount was received and the gross method of recording purchase
|
|
Emotional cues in a diverse workforce
: As a team member, how can a person identify different cultural expressions of emotion and respond to emotional cues in a diverse workforce?
|