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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.
problem 1 balance sheetsdecember 31 20x6nbsppeonyltd.asterltd.assetsnbspnbspcashnbsp 62500nbsp 25000accounts
Discuss the major financial statements in detail. What formats are used? What significant trends (over three years) can you find? What is the future forecast, or what do the pro forma statements indicate?
Use this information to prepare a monthly cash budget for Roche City for Jan, Feb, and March of 2006.
how much money would be accumulated in 10 years for a deposit of 10000 made at the end of year 0 if the account earned interest at %8 per year for the first 3 years, 10 % per year for the next 4 years , and 11% per year for the last 3 years ?
The cost of equipment purchased by Charleston, Inc., on June 1, 2010 is $89,000. It is estimated that the machine will have a $5,000 salvage value at the end of its service life - Compute depreciation expense on the machine for the year ending Dec..
Explain how Magrath should account for and report the accounts receivable factored on April 3, 2007 and why is this accounting treatment appropriate?
sandi scott obtained a patent on a small electronic device and organized scott products inc. to produce and sell the
Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $45,000. Compute amount of Wiley's net income for the month.
At December 31, 2004, the balance in the investment account should be $810,000. Illustrate what formula/steps do I take to get $810,000?
Karen is single and is an active participant in her employer retirement plan. She contributed $5,500, the maximum amount allowable, to an individual retirement account (IRA)
What annual cash inflow from the new online sales would be necessary for the lease option to be financially acceptable? Assume a 12% discount rate.
Assuming 10% approximates the market rate of return, how much interest would be recorded for the year ending December 31 if the sale was made on June 30?
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