Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2020: Prepaid Rent $12,000, Goodwill $50,000, Franchise Fees Receivable $2,000, Franchises $47,000, Patents $33,000, and Trademarks $10,000. Prepare the intangible assets section of the balance sheet.
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- On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.On 30 June 2021, the carrying amounts of the assets of a CGU are as follows: Assets Cash $10,000 $30,000 ($5,000) $50,000 $200,000 (S80,000) $400,000 ($120,000) $25,000 Accounts Receivable Allowance for doubtful debts Inventories Machinery Accumulated depreciation - machinery Building Accumulated depreciation - building Goodwill Additional information on 30 June 2021: The recoverable amount of the unit is assessed to be $460,000. The receivables are considered to be collectable, except those considered doubtful. The fair value of building is $265,000. Required: Prepare all necessary journal entries to record the impairment loss of the CGU for the year ended 30 June 2021.lgnore any tax effect.Compute for the carrying value of intangible and other assets recognized in the balance sheet as of December 31, 2019. A) 2,622,250 B) 2,928,917 C) 3,122,000 D) 2,802,000
- At December 31, 2019, certain accounts included in the property, plant, and equipment section of Reagan Company’s balance sheet had the following balances. Land Buildings Leasehold improvements Equipment $230,000 890,000 660,000 875,000 During 2020, the following transactions occurred. 1. Land site number 621 was acquired for $850,000. In addition, to acquire the land Reagan paid a $51,000 commission to a real estate agent. Costs of $35,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for $13,000. 2. A second tract of land (site number 622) with a building was acquired for $420,000. The closing statement indicated that the land value was $300,000 and the building value was $120,000. Shortly after acquisition, the building was demolished at a cost of $41,000. A new building was constructed for $330,000 plus the following costs. Excavation fees Architectural design fees Building permit fee Imputed…At December 31, 2020, the following existed on the records of Chogiwa Co.: Fixed Assets: $860,000 Accumulated Depreciation: $397,000 During the year ended September 30,2021, fixed assets with a written down value of $37,000 was sold for $49,000. The pant had originally cost $80,000. Fixed assets purchased during the year cost $180,000. It is the company's policy to charge a full year's depreciation in the year of acquisition of an asset and none in the year of sale. Chogiwa uses 10% rate on a straight-line basis. What net amount (book value) should appear in the statement of financial position as of September 30, 2021 for fixed assets?At December 31, 2019, certain accounts included in the property, plant, and equipment section of Blue Spruce Corporation’s statement of financial position had the following balances: Land $309,730 Buildings—Structure 882,700 Leasehold Improvements 704,930 Equipment 844,920 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,790 plus a fee of $6,780 to the real estate agent for finding the property. Costs of $33,140 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,950. 2. Land site No. 622, which had a building on it, was acquired for $559,950. The closing statement indicated that the land’s assessed tax value was $308,680 and the building’s value was $101,830. Shortly after acquisition, the building was demolished at a cost of $27,640. A new building was constructed for $339,530 plus the following costs: Excavation fees $37,960 Architectural design…
- At December 31, 2019, certain accounts included in the property, plant, and equipment section of Concord Corporation’s statement of financial position had the following balances: Land $309,520 Buildings—Structure 882,660 Leasehold Improvements 704,970 Equipment 844,620 During 2020, the following transactions occurred: 1. Land site No. 621 was acquired for $799,820 plus a fee of $6,880 to the real estate agent for finding the property. Costs of $33,270 were incurred to clear the land. In clearing the land, topsoil and gravel were recovered and sold for $10,720. 2. Land site No. 622, which had a building on it, was acquired for $559,550. The closing statement indicated that the land’s assessed tax value was $308,860 and the building’s value was $101,820. Shortly after acquisition, the building was demolished at a cost of $27,990. A new building was constructed for $339,860 plus the following costs: Excavation fees $37,550 Architectural design fees…Reichenbach Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021. Intangible Assets 7/1/20 8-year franchise; expiration date 6/30/25 $ 48,000 10/1/20 Advance payment on laboratory space (2-year lease) 24,000 12/31/20 Net loss for 2020 including state incorporation fee, $1,000, and related legal fees of organizing, $5,000 (all fees incurred in 2020) 16,000 1/2/21 Patent purchased (10-year life) 84,000 3/1/21 Cost of developing a secret formula (indefinite life) 75,000 4/1/21 Goodwill purchased (indefinite life) 278,400 6/1/21 Legal fee for successful defense of patent purchased above 12,650 9/1/21 Research and development costs 160,000 Instructions Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2021,…The following trial balance was extracted from the ledger of Juliana at 31 December 2020. Juliana Trial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases…
- Marigold Company uses IFRS and owns property, plant and equipment with a historical cost of 5320000 euros. At December 31, 2019, the company reported a valuation reserve of 8640000 euros. At December 31, 2020, the property, plant and equipment was appraised at 5550000 euros.The property, plant and equipment will be reported on the December 31, 2020 statement of financial position atFranco Company uses IFRS and owns property, plant, and equipment with a historical cost of $5,000,000. At December 31, 2019, the company reported a valuation reserve of $690,000. At December 31, 2020, the property, plant, and equipment was appraised at $5,325,000. The valuation reserve will show what balance at December 31, 2020? a. $365,000. b. $325,000. c. $690,000. d. $0.The draft balance sheet of Tere Corporation as of December 31, 2019 reported the net property, plant and equipment at P110,000,000. Details of the amount follow: Land at cost P10,000,000Building at cost P50,000,000Less accumulateddepreciation at 12/31/18 (20,000,000) 30,000,000Plant at cost 94,500,000Less accumulateddepreciation at 12/31/18 (24,500,000) 70,000,000 110,000,000The following matters are relevant:• On 30 June 2019, Tere terminated the production of one of its product lines. From this date, the plant used to manufacture the product has been actively marketed at an advertised price of P4.2 million which is considered realistic. Assume that this plant qualified as held for sale in accordance withPFRS 5. It is…