On June 3 0 , 2 0 2 4 , Baez completed the acquisition of the Johnstone
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Question:
On June Baez completed the acquisition of the Johnstone Corporation for $ in cash. The fair value of the net identifiable assets of Johnstone was $
Included in the assets purchased from Johnstone was a patent that was valued at $ The remaining legal life of the patent was years, but Baez believes that the patent will only be useful for another eight years.
Baez acquired a franchise on October by paying an initial franchise fee of $ The contractual life of the franchise is years.
Required:
Prepare yearend adjusting journal entries to record straightline amortization expense of the intangibles at December
Prepare the intangible asset section of the December balance sheet.
Related Book For
Modeling And Analysis Of Dynamic Systems
ISBN: 9781138726420
3rd Edition
Authors: Ramin S. Esfandiari, Bei Lu
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