Part A)<br/>On January 2, 2019, Adelphi Company purchased a patent for $170,000 plus $5,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Adelphi Company expects to use the patent for 6 years after which time it will be worthless. How much is the annual amortization expense for 2019? Round […]
Part A)<br/>On January 2, 2016, Alpha Corporation issued 5,000 shares of $2 par value common stock. The issue price was $7.50 per share. Use this information to prepare the General Journal entry (without explanation) for the January 2 entry. Date Accounts Debit Credit Part B) On January 2, 2016, Alpha Corporation issued 1,500 shares of […]
Part A)<br/>On January 1, 2016, Alpha Corporation had 100,000 shares of common stock outstanding. On April 15, the board declared a $0.30 per share dividend to be paid to stockholders of record on May 4. The dividend was distributed on May 15. Use this information to prepare the General Journal entries (without explanation) for April 15 […]
Part A)<br/>The following are selected accounts for the Alpha Dog Company after all Fiscal Year December 31, 2016, adjusting entries & closing entries have been posted. All balances are normal. Account Amount Common Stock, $5 par $150,000 Treasury Stock, at cost $10 per share 20,000 Dividends Payable 5,000 Paid in Capital in excess of par, […]
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