Connect Assignment wo $-$ Chopter o

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Required information

Part $2$ of $2$

The following informetion applies to the questions disthoy ed beiow.?

During the current year ending on December $31,$ BSP Company completed the following transactions:

$0\mathrm{.}71$

points

$804\mathrm{.}0621$

Rsierence:

a$.$ On January $1,$ purchased a patent for $$27,500$ cash $($estimated useful life. five years$).$

b$.$ On January $1,$ purchased onother business for $$164\mathrm{.}000$ cosh$,$ including $$15,000$ for goodwill. The assets included accounts receivable with a foir value of $$13,000$ and property and equipment with o foir volue of $$136\mathrm{.}000($with o residual value of $$14,280$ and estimated useful life of $10$ yearns$).$ The company a $$ umed no liabilities. Goodvill has an indefinite life.

c$.$ On December $31.$ constructed a storoge shed on land leased from D$.$ Hadd. The cost of the shed was $$17,600.$ The company uses straight$-$line depreciation. The lease will expire in ten years. $($Amounts $-=p$ pent to enhance leased property are copitalized as intangible assets called Leasehold Improvements.$)$

d$.$ Total expenditures for ordinary repairs were $$6,200$ during the current yeor.

e$.$ On December $31$ of the current year, sold Machine A for $$5\mathrm{.}900$ cash. Originol cost was $$22,000$ : occumulated depreciation to December $31$ of the prior yeor was $$15\mathrm{.}040($on a stroight. line bosis with o $$3,200$ residual value and five$-$year useful life$).$ Record the depreciotion expense in transaction e$(1)$ and the sole in tronsoction e$(2).$

f: On December $31$ of the current year, paid $$6,700$ for a complete raconditioning of Machine $8$ acauired on January $1$ of the prior year. Original cost, $$27,400$; accumulated depreciation to December $31$ of the prior year wos $$1,900($on a stroight$-$line basis with a $$8,400$ residual value and $10-$year useful life$).$

$2.$ For each of these the assets involved in tronsoctions $($o$)$ through $($f$),$ record the odjusting entry for difpreciation or annortization expense at the end of the current year.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet $$

Nate: Enter debits before creates.

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