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...
-
The following table shows data on the average number of customers processed by several bank service units each day. The hourly wage rate is $ 25, the overhead rate is 1.0 times labor cost, and...
-
In what ways might business be socially responsible?
-
Taback began building a vacation home on a parcel of wooded land. It was to be a three-story house, 31 feet high. This height violated the local zoning ordinance that limited residential homes to two...
-
Julie and John Aggie want to purchase 8 0 acres of farm land valued at $ 1 , 5 0 0 per acre. Their lender requires a 3 0 % down payment. Assume twenty annual payments. The interest rate is 8 % . A )...
-
The amounts of the assets and liabilities of Viva Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained...
-
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...
-
The number of Internet hosts grew very rapidly from 1994 to 2012 (Table 5). (A) Let x represent the number of years since 1994. Find an exponential regression model (y = ab x ) for this data set and...
-
Find the maximum S-T flow in the network. The capacities are shown on the edges in the diagram. (a). Show the residual graph after each iteration (b). Identify the edges in Min-cut S 7 A 4 6 2 2 B 3...
-
identify at least two supply chain risks faced by Boeing Explain
-
Explain, what it meant by 'lifting the corporate veil' and provide two examples of circumstances of where the veil is lifted in company law.
-
Given the points A (2,3,7), B (3, 6,5) and C (-1,2,-2). a. Is triangle ABC a right triangle? Explain your solution. b. Determine the area of the triangle ABC. Show all steps.
-
dy Find dx if f(x) = 3x (x 2). Type sqrt for a square root. For example the square root of 5 is sqrt(5).
-
Let's consider the case where there are many inputs, two of which function exactly the same in the production process. For instance, suppose that red apples with and without white spots can be used...
-
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....
-
Assume that expected market return is 13.4% and the volatility of the market return is 20%. A certain stock has a volatility of 43% and a correlation of 0.52 with the market. The risk-free rate is...
-
Leeth Construction owns assets with a market value of $6,538, 000. If the market value of its equity is $4,856,000, what is the market value of its liabilities?
-
A computer with an original cost of $7,000 will have no residual value and an expected life of 6 years. The calculated straight line annual depreciation rate is?
Study smarter with the SolutionInn App