Question: Did I do this right? If not can you solve it. Thanks. Brown Company paid cash to purchase the assets of Coffee Company on January
Did I do this right? If not can you solve it. Thanks.


Brown Company paid cash to purchase the assets of Coffee Company on January 1, 2019. Information is as follows: The building is depreciated using the double-dedining balance method. Other information is: Salvage value Estimated useful life in years 550,00040 od. The patents are amortized on a straight-line basis. They have no salvage valu Estimated useful life of patents in On December 31, 2020, the value of the patents was estimated to be 30$100,000 Where applicable, the company uses the 1/2 year rule to calculate depreciation and amortization expense in the years of acquisition and disposal. Its fiscal year-end is December 31 . The machinery was traded on December 2, 2021 for new machinery. and On August 14, 2023, an addition was made. This amount was material. Other relevant information is as follows: Amount of addition, paid in cash $100,000 Number of years of useful life from 2023 (original machinery and addition): Salvage value, percentage of addition Required: Prepare journgl entries to record: 1 The purchase of the assets of Coffee. 2 Depreciation and amortization expense on the purchased assets for 2019. 3 The dedine (if any) in value of the patents at December 31 4 The trade-in of the old machinery and purchase of the new 5 Depreciation on the new machinery for 2021. 6 Cost of the addition to the machinery on August 14, 2023. 7 Depreciation on the new machinery for 2023. Brown Company GENERAL JOURNAL
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