On July 1, 2019, Brandon SE purchased Mills Company by paying ¬250,000 cash and issuing a ¬150,000
Question:
The recorded amounts all approximate current values except for land (fair value of ¬80,000), inventory (fair value of ¬125,000), and trademarks (fair value of ¬15,000).
Instructions
a. Prepare the July 1 entry for Brandon to record the purchase.
b. Prepare the December 31 entry for Brandon to record amortization of intangibles. The trademarks have an estimated useful life of 4 years with a residual value of ¬3,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted: