Entries by Munene david

Bowie Company uses a calendar year. On December 31, 2018, after

May 6, 2020 in /by

Bowie Company uses a calendar year. On December 31, 2018, after adjusting entries were posted, Bowie Company sold a machine which was originally purchased on January 1, 2015. The historical cost was $21,000, the salvage value assumed was $1,000 and the original estimated life was five years.. It was sold for $3,800 cash. Using this information, how […]

 

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Frederick Mining Company owns a large parcel of land which costs $900,000

May 6, 2020 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

May 6, 2020 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.

May 6, 2020 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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