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
I need an explanation of how a bin card is done

What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what ty

#question.ABC Corportaion produces and sell two products. In the most recent month, Product 123 had sales of $33,000 and variable expenses of $15,840. Product 245 had sales of $42,

The sale turnover and profit during two period were as following Period 1=Sales Rs.20 Laks, and Profit Rs.2 Laks Period 2=Sales Rs.30 Laks, and Profit Rs.4.Laks Calculate P/V Ratio

Gerona Company authorized the sale of $300,000 of 10%, 10-year debentures on January 1, 2008. Interest is payable on January 1 and July 1. The entire issue was sold on April 1, 200

Johnson Farms owns valuable farm land that permits it to make wheat at a lower cost than its competitors. The company reports large profits every year on its accounting statements.

Partner A (50%) Partner B (50%) sharing profits equally New partner introduced $13,000 total cash including $3000 as goodwill which is raised to its full value. Partner C

The Smiths decided to convert Ron's home into a furnished rental house. After several minor repairs (touching up the paint, replacing screens, pressure-washing), the property was a

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

You want to have $2,000,000 in your retirement account (IRA) at the end of 30 years. You hope to earn 6% per year. How much must you save each year?