ACC 304 Week 6 Chapter 12 Homework
3) |
Purchased merchandise costing $ 2,500 with terms 2 / 10, n / 30. |
a) |
Inventory =??? |
b) |
Payment was made thirty days after the purchase |
4) A machine cost $ 221,400, has annual depreciation expense of $ 44,280, and has accumulated depreciation of $ 110,700 on December 31, 2014. On April 1, 2015, when the machine has a fair value of $ 87,070, it is exchanged for a similar machine with a fair value of $ 281,600 and the proper amount of cash is paid. The exchange lacked commercial substance.
Prepare all entries that are necessary at April 1, 2015.( Credit account titles are automatically indented when the amount is entered. Do not indent manually.) ===============================================
ACC 304 Week 6 Chapter 12 Homework
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ACC 304 Week 6 Chapter 12 Homework
1) Waters Corporation purchased Johnson Company 3 years ago and at that time recorded goodwill of $ 400,000. The Johnson Division’ s net assets, including the good well, have a carrying amount of $ 800,000. The fair value of the division is estimated to be $ 1,000,000. prepare Water’ s journal entry to record impairment of the goodwill. 2) Treasure Land Corporation incurred the following costs in 2014. Prepare the necessary 2014 journal entry or entries for Treasure Land. 3) Sinise Industries acquired two copyrights during 2014. One copy right related to a text book that was developed internally at a