Fusion Advertising purchased a patent on January 2 for $ 25,000. The patent has a useful life of 5 years and a legal life of 20 years. Record the journal entry for the purchase of the patent and the adjusting entry at December 31 to recognize amortization.
Answer to relevant QuestionsAt the beginning of a fiscal year, Flowers Company buys a truck for $ 28,000. The truck’s estimated life is five years, and its estimated salvage value is $ 3,000. Required Using the following four methods, determine the ...During a three-year period, 5th Street Motel completed the following transactions pertaining to its pickup truck: Year 1 Jan. 11 Bought a used pickup truck for cash, $ 8,800. Nov. 16 Paid garage for maintenance repairs to ...Your employer, who is ordering equipment for a new office, has signed the purchase orders for new equipment without looking at them carefully. As you complete an invoice for items for the employee lunchroom, you are tempted ...The partnership agreement of Sigmon and Willie provides for salary allowances of $ 78,000 per year for Sigmon and $ 66,000 per year for Willie. They share the remaining balance of net income on the basis of three-fifths for ...The partnership of Wilson, Martinez, and Anderson is to be liquidated as of June 30 of this year. The partners share profits and losses in the ratio of 2: 2: 1, respectively. The firm’s post- closing trial balance looks ...
Post your question