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In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant chain. The purchase price allocation included the following items: $4.2 million, patent; $2.8 million, trademark considered to have an indefinite useful life; and $6.8 million, goodwill. Burger Mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life.
What is the total amount of amortization expense that would appear in Burger Mania's consolidated income statement for the first year ended December 31 related to these items?
Determine the amount of interest to be capitalized in 2007 in relation to the construction of the building. Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if an, at Dec. 31, 2007.
Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
Shareholders in closely held corporations often engage in transactions designed to minimize the double taxation effect of C corporations. Briefly describe the double taxation effect and explain some of the ways double taxation can be minimized.
one of your vendors that work closely with your franchise wants to purchase 10 million in materials and services from
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
The fair value of net identifiable assets exclusive of goodwill of a reporting unit of X Company is $300,000. On X Company's books, the carrying value of this reporting unit's net assets is $350,000, including $60,000 goodwill. If the fair value o..
1.hamilton company uses job-order costing. manufacturing overhead is applied using a predetermined rate of 150 of
taylor manufactures 12000 units of a part used in its production to manufacture guitars. the annual production
You manage an investment center (evaluated based on the return on investment). Your production manager brings you a potential deal, a large piece of equipment that can help the company save money.
Amber has a 20% ownership interest in an entity for which she initially contributed $100,000. She is one of the original owners of the business. None of the owners are related. During the life of the business, the following have occurred:
Compute the annual depreciation expense for 2006 and 2007, and book value at December 31, 2007, under the straight-line method.
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