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Track Town Co. had the following transactions involving intangible assets:
Jan. 1 Purchased a patent for leather soles for $10,000 and estimated its useful life to be 10 years.
Apr. 1 Purchased a copyright for a design for $15,000 with a life left on the copyright of 25 years. The estimated remaining (economic) life of the copyright is five years.
July 1 Purchased a trademark at a cost of $50,000. The estimated economic life of the trademark is 25 years. However, conservatism suggests it should be written off in five years.
REQUIRED
1. Using the straight-line method, calculate the amortization of the patent, copyright, and trademark.
2. Prepare general journal entries to record the end-of-year amortizations.
Prepare the journal entry on Ludwig 's books to record the restructuring of this debt. Calculate the gain or loss to Giffin Co. from restructuring of its receivable from Ludwig.
Journal entries for purchase of two-year policy from a different insurance
At the beginning of the year, the capital account balances were: Fred capital, $42,365; Ethel capital, $51,352. What is Fred's capital account balance at the end of the year?
Compute the consolidation worksheet entries to recognize the effects of the intra-entity bonds
Big Company manufactures keyboards. Management wishes to develop budgets for the upcoming quarter based on the following data: Calculate the budgeted quantity of plastic which needs to be purchased for the next quarter.
Evaluate the cash payback period for each proposal. Arrange a differential analysis report, dated 15 th November of the present year, on whether the equipment should be leased or sold.
ending work in process 5,470 units that are 100% complete as to materials and 40% complete as to conversion costs. Calculate the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
Determine the sustainable growth based on the subsequent information
The fiscal 2009 balance sheet reports net operating assets of $5,995,633. Illustrate what is Neptune’s 2010 net operating profit margin?
When inventory declines in value below original cost, and this decline is considered other than temporary, what is the maximum amount that the inventory can be valued at?
Explain the products and the production process and discuss specific costs you believe would be incurred prior to the cut off point.
Jesse has come to you for advice so provide him with professional memo on the issue, based on the IRC. Use proper tax language and IRAC form - issues, analysis conclusion, rules.
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