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- Accouting Current Attempt in Progress Blossom Company purchases a patent for $158,000 on January 2, 2025. Its estimated useful life is 8 years. (a) Prepare the journal entry to record amortization expense for the first year. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Show how this patent is reported on the balance sheet at the end of the first year. Blossom Company Balance Sheet (Partial)Show Attempt History Current Attempt in Progress Blossom Limited purchased a machine on account on April 1, 2021, at an invoice price of $365,470. On April 2, it paid $2,170 for delivery of the machine. A one-year, $4,120 insurance policy on the machine was purchased on April 5. On April 19, Blossom paid $7,580 for installation and testing of the machine. The machine was ready for use on April 30. Blossom estimates the machine's useful life will be five years or 6,118 units with a residual value of $87,910. Assume the machine produces the following numbers of units each year: 893 units in 2021; 1,448 units in 2022; 1,426 units in 2023; 1,222 units in 2024; and 1,129 units in 2025. Blossom has a December 31 year end. (a) Your Answer Correct Answer Your answer is correct. Determine the cost of the machine. CASO POed Help Save & Exit Subm On January 2, 2023, Brook Company acquired machinery by issuing a 5%, $324,000 note due in 5 years on December 31, 2027 Annual payments are $75,278 each December 31. The payment schedule is: Year 2023 2024 2025 2026 2027 Annual Payment $75,278 75,278 75,278 75,278 75,278 Principal Portion of Payment $59,078 62,032 65,133 68,390 69,367 Current liabilities Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt Interest Portion of Payment $16,200 2023 13,246 10,145 6,888 5,911 Required: Using the information provided, complete the following liabilities section of Brook Company's balance sheet at December 31 (Leave no cells blank - be certain to enter "0" wherever required.) December 31, 2025 2024 Prev Principal Balance at Year-End $264,922 202,890 137,757 69,367 1 of 5 2026 Next >
- View Policies Current Attempt in Progress Monty Engineering purchases a patent for R$139,200 on January 2, 2025. Its estimated useful life is 8 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit (b) Show how this patent is reported on the statement of financial position at the end of the first year. MONTY ENGINEERING Statement of Financial Position (Partial) R$ Creditom Instructions Chart of Accounts General Journal Instructions On January 1, 2020, Bauer Co. had purchased a machine for $60,000. This machine had an estimated service life of eight years and an estimated residual value of $4,000. It has been depreciated by the straight-line method since acquisition. On January 1, 2023, it was determined that the remaining service life for this machine was nine years and that the residual value would be $3.000. Required: Record the depreciation expense for 2023. Previous NextCurrent Attempt in Progress Carla Vista Co., organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025 and 2026. 7/1/25 10/1/25 12/31/25 1/2/26 3/1/26 4/1/26 6/1/26 9/1/26 Intangible Assets 8-year franchise; expiration date 6/30/33 Advance payment on laboratory space (2-year lease) Net loss for 2025 including state incorporation fee, $3,000, and related legal fees of organizing, $7,000 (all fees incurred in 2025) Patent purchased (10-year life) Cost of developing a secret formula (indefinite life) Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs $48,000 25,800 17,800 80,600 82,000 279,600 12,765 165,000 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, 2026, recording any necessary…
- PROBLEM 1 MBS Inc. acquires a building on February 1, 2019 at a cost of P5,500,000. The building has an estimated useful life of 40 years and an estimated salvage value of P500,000. Required: a. Prepare the following: i. journal entry to record the purchase of building. ii. Adjusting entry on December 31 assuming the company prepares its financial statements on this date. b. Determine the following (show solution): i. amount of expense to be recognized for 2019 ii. book value of the building as of December 31, 2019.Current Attempt in Progress Blossom Department Store determines it will cost $107,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Blossom estimates the fair value of the obligation at December 31, 2025, is $93,000. Prepare the journal entry to record the asset retirement obligation. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit CreditLong-Term Assets Saved Kreiser Company had three intangible assets at the end of 2020 (end of the accounting year): 31 a. A patent was purchased from J. Miller on January 1, 2020, for a cash cost of $5,625. When purchased, the patent had an estimated life of fifteen years. b. A trademark was registered with the federal government for $21,000, Management estimated that the trademark could be worth as much as $200,000 because it has an indefinite life. c. On January 1, 2020, computer licensing rights were purchased for $59,600, The rights are expected to have a four-year useful life to the company. Dints Required: 1. Compute the acquisition cost of each intangible asset. еВook Acquisition cost: References Patent Trademark Licensing rights 2. Compute the amortization of each intangible for the vear ended December 31, 2020. Amortization expense Patent Trademark Licensing rights 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement…
- Recording Asset Retirement Obligation BPP Company maintains underground storage tanks for its operations. A new storage tank was installed and made ready for use at a cost of $2,000,000 on January 1 of the current year. The tank's useful life is estimated at 15 years, at which time the company is legally required to remove the tank and restore the area at an estimated cost of $200,000. The appropriate discount rate for the company is 12%. Required a. On January 1, record the entry for (1) the purchase and installation of the storage tank and (2) the related asset retirement obligation. b. Record adjusting entries on December 31 of the current year for (1) depreciation and (2) accretion. c. Assume that on December 31, fifteen years later, the tank is safely removed at a cost of $230,000. Record the required journal entry. Note: Round answers to the nearest whole dollar. a. 1. Jan. 1 a. 2. Jan. 1 b. 1. Dec. 31 b. 2. Dec. 31 c. Dec. 31, Year 15 Account Name To record purchase of storage…Recording Asset Retirement Obligation BPP Company maintains underground storage tanks for its operations. A new storage tank was installed and made ready for use at a cost of $2,000,000 on January 1 of the current year. The tank's useful life is estimated at 15 years, at which time the company is legally required to remove the tank and restore the area at an estimated cost of $200,000. The appropriate discount rate for the company is 12%. Required a. On January 1, record the entry for (1) the purchase and installation of the storage tank and (2) the related asset retirement obligation. b. Record adjusting entries on December 31 of the current year for (1) depreciation and (2) accretion. c. Assume that on December 31, fifteen years later, the tank is safely removed at a cost of $230,000. Record the required journal entry. Note: Round answers to the nearest whole dollar. a. 1. Jan. 1 a. 2. Jan. 1 b. 1. Dec. 31 M b. 2. Dec. 31 Account Name Equipment Cash To record purchase of storage tank…View Policies Current Attempt in Progress Windsor Company purchased an electric wax melter on April 30, 2025, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase. List price of new melter Cash paid Cost of old melter (5-year life, $700 salvage value) Accumulated depreciation-old melter (straight-line) Secondhand fair value of old melter Prepare the journal entries necessary to record this exchange, assuming that the exchange (a) has commercial substance, and (b) lacks commercial substance. Windsor's fiscal year ends on December 31, and depreciation has been recorded through December 31, 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries) No. Account Titles and Explanation (a) Exchange has commercial substance: Depreciation Expense Accumulated…
