On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and
Question:
On July 15, 2024, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respectively. On the date of the sale, the book value of the patent was $120,000, and the book value of the equipment was $400,000 (cost of $550,000 less accumulated depreciation of $150,000). Prepare separate journal entries to record (1) the sale of the patent and (2) the sale of the equipment.
Step by Step Answer:
1 To record the sale of the patent July 15 2024 Cash750000 Patentaccount balance 12...View the full answer
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respectively. The book value of the patent and equipment on the date of the...
-
On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $750,000 and $325,000, respectively. On the date of the sale, the book value of the patent was...
-
On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $ 750,000 and $ 325,000, respectively. The book value of the patent and equipment on the date of sale...
-
In Exercises find the positive values of p for which the series converges. n=1 n
-
"Using the data in the Excel file Accounting Professionals, find and interpret 95% confidence intervals for the following: a. Mean years of service b. Proportion of employees who have a graduate...
-
Do you believe that obtaining certifications such as Six Sigma or ISO 9000 really helps an organization compete? Discuss your position.
-
Identify five activities are central to financial planning and budgeting.
-
The Lobs, Love & Lessons Tennis Club is a large, regional chain of full-service tennis clubs that cater to the demographics of the region (about 60% of all adults are single in most locations). The...
-
Samuels Manufacturing is considering the purchase of a new machine to replace one it believes is obsolete.The firm has total current assets of $930,000 and total current liabilities of $644,000. As a...
-
Consider an individual who must drive to his place of work. Assume that there are 16 available hours in the day, that his wage rate is $20 per hour, and that he has non-labour income of $100 per day....
-
In 2024, the Marion Company purchased land containing a mineral mine for $1,600,000. Additional costs of $600,000 were incurred to develop the mine. Geologists estimated that 400,000 tons of ore...
-
On March 31, 2024, Susquehanna Insurance purchased an office building for $12,000,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to...
-
Lionel Corporation manufactures pharmaceutical products sold through a network of sales agents in the United States and Canada. The agents are currently paid an 18% commission on sales; that...
-
An object has a charge of 7.44E-16 C and a velocity of 12.3 m/s. It is moving through a magnetic field of 0.455 T. It experiences a force of 3.61E-15 N. Calculate the angle between the velocity and...
-
A railroad wheel has been removed from its railroad car and has been placed by itself on a rail. The weight on the railroad wheel is 3,534 Newtons. What is the mass of this wheel in kilograms
-
3. An electron moves at a right angle to a magnetic field with a magnitude of 0.850 T. Its circular path has a radius of 7.50 cm. (a) How fast is the electron moving? (b) What is the magnitude of the...
-
A 7 in x 11 in cylindrical tank contains an oil with a density of 825 kg/m. What is the weight of oil in lbf. Hint: You can use the standard density of water as a conversion factor. Add your answer
-
A motorist travels at a constant speed of 36.5 m/s through a school zone, exceeding the posted speed limit. A policewoman waits 7s before giving chase at an acceleration of 3.7 m/s. Find the time...
-
Why are unfavorable variances recorded by using debit entries and favorable variances recorded by using credit entries?
-
Let (x) = x 2 - 9, g(x) = 2x, and h(x) = x - 3. Find each of the following. (((--) 2
-
Financial statements for Askew Industries for 2013 are shown below: Required: Calculate the following ratios for 2013. 1. Inventory turnover ratio 2. Average days in inventory 3. Receivables turnover...
-
Jerry's Ice Cream Parlor is considering a marketing plan to increase sales of ice cream cones. The plan will give customers a free ice cream cone if they buy 10 ice cream cones at regular prices....
-
Jerry's Ice Cream Parlor is considering a marketing plan to increase sales of ice cream cones. The plan will give customers a free ice cream cone if they buy 10 ice cream cones at regular prices....
-
Suppose Stocks A, B and C are the only three component stocks in a benchmark index. The number of shares outstanding of Stocks A, B and C are 369,000 shares, 327,000 shares, and 240,000 shares,...
-
Botanists have determined that some species of weed grow in a circular pattern. For one such species, the area A , in square meters, can be approximated by A ( t ) = 0.004 t 2 , where t is the time...
-
Book Print ciences Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of...
Study smarter with the SolutionInn App