User Account

All Pages

Prepare any journal entry necessary for the amortization

Assignment Help Accounting Basics
Reference no: EM132784885

On February 1, 2020, Twilight Corporation acquired a perpetual franchise from another business for $14,000. The franchise has an indefinite life. At December 31, 2020, the fair value of the franchise is $16,000.

  • On May 1, 2020, Twilight Corporation purchased a patent for $30,000. The patent has a legal life of 20 years. The patent has an effective useful life of 12 years. Twilight cannot provide evidence of clearly identifiable cash flows arising from the copyright following the end of this 12-year period. The fair value of the patent at December 31, 2020 is $35,000.
  • Twilight Corporation has a December 31 year end.

Required

problem 1: Prepare any journal entry necessary for the amortization of the franchise for 2020, or indicate why no adjustment is required.

problem 2: Prepare any journal entry necessary for the amortization of the patent for 2020, or indicate why no adjustment is required.

Reference no: EM132784885

Questions Cloud

Why is engaging in industry research important : It is important that your skill summary section provides an overview or snapshot of your top skills, experience and knowledge as they relate to the role you are
Why do people do best when working together : Why do people do best when working together? What are the dangers of a business environment where this is not the case? What can we do to build a circle of safe
Estimate the discounted fair value under each scenario : Identify which model Skysong might use to estimate the discounted fair value under each scenario, and calculate the fair value
What are duties of department of defense : What are duties of department of defense during crisis or disaster
Prepare any journal entry necessary for the amortization : Twilight Corporation, Prepare any journal entry necessary for the amortization of the franchise for 2020, or indicate why no adjustment is required.
Fash1139-logistics newsletter : Starting a new business or expanding an existing one in today's highly competitive and cost- conscious marketplace is a complex and risky endeavour.
Which component you feel is the most important to business : Break down the meaning of the term SWOT. Discuss which component you feel is the most important to business or industry. The response must be typed.
Journalize the March transactions with current posting : Journalize the March transactions with current posting to general ledger inventory accounts and to job cost sheets. Prepare schedule of inventories on March
What did learn about abc company by reviewing three ratios : Comment on the purpose and information conveyed by each ratio. What did you learn about ABC Company by reviewing the three ratios? What is your conclusion

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd