Entries by mary WAMBUGU

Frederick Mining Company owns a large parcel of land which costs $900,000. It is estimated to contain 1,500,000 tons of recoverable ore.

August 30, 2019 in /by

Frederick Mining Company owns a large parcel of land which costs $900,000. It is estimated to contain 1,500,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $100,000. In 2018, Frederick extracted […]

 

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On January 2, 2019, Adelphi Company purchased a patent for $230,000 plus $8,000 in legal fees. On that date, the patent had a remaining legal life of 13 years.

August 30, 2019 in /by

On January 2, 2019, Adelphi Company purchased a patent for $230,000 plus $8,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 5 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round to […]

 

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Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Item Amount

August 30, 2019 in /by

Annapolis Company was recently sold for $480,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of: Item Amount Accounts Receivable assumed by buyer $129,000 Inventory $285,000 Property, Plant & Equipment (net) $505,000 Notes Payable assumed by buyer $685,000 Using this information, how much should be recorded as Goodwill for […]

 

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How do I enter this journal entry required to record the events for December 31, 2019.? On January 1, 2017, Frostburg Company purchased for $68,500,

August 30, 2019 in /by

How do I enter this journal entry required to record the events for December 31, 2019.? On January 1, 2017, Frostburg Company purchased for $68,500, equipment having a service life of six years and an estimated residual value of $4,000. Frostburg has recorded depreciation of the equipment using the straight-line method. On December 31, 2019, before […]

 

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