Montana Matt's Golf Inc. was formed on July 1, 2013, when Matt Magilke purchased the Old Master
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(a) Prepare the intangible assets section of Montana Matt's Golf Inc. at December 31, 2013. How much amortization expense is included in Montana Matt's income for the year ended December 31, 2013? Show all supporting computations.
(b) Prepare the journal entry to record amortization expense for 2014. Prepare the intangible assets section of Montana Matt's Golf Inc. at December 31, 2014. (No impairments are required to be recorded in 2014.)
(c) At the end of 2015, Magilke is evaluating the results of the instructional business. Due to fierce competition from online and television (e.g., the Golf Channel), the Old Master reporting unit has been losing money. Its book value is now $500,000. The fair value of the Old Master reporting unit is $420,000. The implied value of goodwill is $90,000. Magilke has collected the following information related to the company's intangible assets.
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Prepare the journal entries required, if any, to record impairments on Montana Matt's intangible assets. (Assume that any amortization for 2015 has been recorded.) Show supporting computations?
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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a MONTANA MATTS GOLF INC Intangibles Section of Balance Sheet December 31 2013 Trade name 10000 Copy...View the full answer
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Related Book For 
Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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