Question Details

(Solved) On December 31, it was estimated that goodwill of $4,000,000 was impaired. In addition, a patent with an estimated useful economic life of 15 years...


On December 31, it was estimated that goodwill of $4,000,000 was impaired. In addition, a patent with an estimated useful economic life of 15 years was acquired for $900,000 on August 1.

Required:

A.Journalize the adjusting entry on December 31 for the impaired goodwill. Refer to the Chart of Accounts for exact wording of account titles.

B.Journalize the adjusting entry on December 31 for the amortization of the patent rights. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

ASSETS

110Cash

111Petty Cash

112Accounts Receivable

114Interest Receivable

115Notes Receivable

16Merchandise Inventory

117Supplies

119Prepaid Insurance

120Land

123Delivery Truck

124Accumulated Depreciation-Delivery Truck

125Equipment

126Accumulated Depreciation-Equipment

130Mineral Rights

131Accumulated Depletion

132Goodwill

133Patents

LIABILITIES

210Accounts Payable

211Salaries Payab

213Sales Tax Payable

214Interest Payable

215Notes Payable

EQUITY

310Owner, Capital

311Owner, Drawing

312Income Summary

REVENUE

410Sales

610Interest Revenue

620Gain on Sale of Delivery Truck

621Gain on Sale of Equipment

622Gain on Sale of Patent

623Gain on Sale of Goodwill

EXPENSES

510Cost of Merchandise Sold

520Salaries Expense

521Advertising Expense

522Depreciation Expense-Delivery Truck

523Delivery Expense

524Repairs and Maintenance Expense

529Selling Expenses

531Rent Expense

532Depreciation Expense-Equipment

533Depletion Expense

534Amortization Expense-Patents

535Insurance Expense

536Supplies Expense

539Miscellaneous Expense

710Interest Expense

720Loss on Sale of Delivery Truck

721Loss on Sale of Equipment

722Loss on Sale of Patent

723Loss from Impaired Goodwill

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 05, 2019

PRICE: $18

Solution~000200193048.zip (25.37 KB)

Buy this answer for only: $18

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 05, 2019

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now