Compute the second years tax amortization, Cost Accounting

Smith Corporation purchased an intangible asset for $110,000. Compute the second year's tax amortization. The second year would be a full year's amortization. The company estimates the life at 12 years which is different from the IRS life of 15 years.

a. What is the second year's tax amortization?

b. Present the journal entry to record purchase of the intangible asset noted above. The company financed $50,000 and paid cash for the balance.

c. The intangible has a 15 year life. Present the journal entry to record the second year amortization. The journal entry must be in the proper format.

Posted Date: 3/30/2013 5:27:28 AM | Location : United States







Related Discussions:- Compute the second years tax amortization, Assignment Help, Ask Question on Compute the second years tax amortization, Get Answer, Expert's Help, Compute the second years tax amortization Discussions

Write discussion on Compute the second years tax amortization
Your posts are moderated
Related Questions
Using  the  information below, list profit statements  for June and July using  (a) margin costing and (b) absorption costing. A company produces and sells 1 product only which


A job order cost sheet for Lowery Company is shown below Date Direct Materials Direct Labor Manufacturing overhead Beg Bal Jan 1 5,000 6,000 5,100 8 6,000 12 8,000 6,400 25 2,000 2

F ixed Overhead Variance (FOV) Fixed overhead variance has been described by ICMA, London, as 'the variation between the standard cost of fixed overhead absorbed in the pro

Compute Over and Under Absorption of Variable and Fixed Overhead A company has a machine cost center for that the given information is available as a) Budget i. Budget

RC School District has a large number of students in need of remedial instruction.  The superintendent of RC School System can allocated her budget between purchasing X units of re

Pyramid Printing Company is a printer of magazines and retail inserts. In addition, there are two joint products (food wrapping and book covers) and one byproduct (shipping-box ins

The next year's budget for Benny, Inc., is given below: Product 1 & 2 Sales $945,000 & 688500 Variable costs 459,900 & 297,000 Fixed costs 300

how do you calculate estimating cost for the last of the year based on activity during the first half of the year

Bugga Corp expects to sell 3,000 units in October, and expects sales to increase 20% each month thereafter. Sales price is expected to stay constant at $8 per unit. What are budge