Reference no: EM132741623
Problem - Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
a. Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1,100,000 board feet of timber were cut and sold.
b. On December 31, the company determined that $3,750,000 of goodwill was impaired.
c. Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year.
Required -
1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items.
2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item.
|
What pinnacle plantwide factory overhead rate
: 100,270 units was budgeted to be produced and 98,000 units were actually produced. Pinnacle's plantwide factory overhead rate for the current year is?
|
|
Identify and solve financial accounting problems
: Identify and solve financial accounting problems by applying analytical and problem solving techniques - Demonstrate technical competence in the relevant
|
|
Explain the concept of forensic science
: Forensic science is the application of science to law. In criminal justice, this concept is applied to criminal cases but it also may apply to civil cases.
|
|
Valid traditional contracts and e-contracts
: Define contract and list the elements necessary to form valid traditional contracts and e-contracts.
|
|
Determine the amount of the amortization
: On December 31, the company determined that $3,750,000 of goodwill was impaired. Determine the amount of the amortization
|
|
What the number of units expected to be sold in may is
: What the number of units expected to be sold in May is? Estimated inventory (units), May 1 19,600. Desired inventory (units), May 3 119,200
|
|
Determine the amount of depreciation expense for the years
: Determine the amount of depreciation expense for the years ended December 31, Year 1, Year 2, Year 3, and Year 4, by (a) the straight-line method
|
|
How to correct the inappropriate inventory procedures
: The City of Milford Parks and Recreation Department operates. Identify the control problems, and suggest how to correct the inappropriate inventory procedures.
|
|
Strategic goal controlling
: As you've learned this week, the control process is essential to the achievement of goals.
|