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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
cost of $9,900. This textbook is estimated to have a useful life of 3
years from September 1, 2014, the date it was published. The second
copy right (a history research textbook) was purchased from
University press on December 1, 2014, for $24,000. This textbook has