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.

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

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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