Fredickson Ltd. purchased a trade name, a patented process and a customer list for $1.2 million cash.

Question:

Fredickson Ltd. purchased a trade name, a patented process and a customer list for $1.2 million cash. The fair values of these are:

Trade name $380,000 Patented process $400,000 Customer list $450,000 Required: Prepare the journal entry for the purchase.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Financial Accounting Volume 1

ISBN: 9781539980674

1st Edition

Authors: Glenn Arnold, Suzanne Kyle, Lyryx Learning

See More Books

Question Posted: Jul 01, 2024 11:03 AM

See More Questions

An investor pays 962.92 for a ten-year bond with an annual coupon rate of 8% paid semiannually. The annual nominal yield rate is 10% convertible semiannually. Calculate the discount of this purchase
An investor pays 962.92 for a ten-year bond with an annual coupon rate of 8% paid semiannually. The annual nominal yield rate is 10% convertible semiannually. Calculate the discount of this purchase
o me but the laHey guys everything is prity much clear tst year entries can you please specify those records. Thanks. Page 16 question 19.9 in the file attached. Those records are as follows: 3....
On January 1, 2020, Dole, Inc., declared a 15% stock dividend on its common stock when the market value of the common stock was $20 per share. The date of record is January 30, 2020, and the...
a. What is a normal distribution? b. Identify all of the different possible normal distributions. c. What does the area under the normal curve represent? d. What is the standard normal distribution?...
Describe the metadata associated with the physical ERD.
Chinas middle class is about 300 million strong and is growing. How is this important for Alibabas success? How can the company take full advantage of this demographic phenomenon? Appendix
Although the spec was for a Model XP server, Network Illusions delivered a newer model, called the DX+. The vendor sales rep said that performance would be the same or better, but the IT team decided...
Depreciation Value ? refer image
Below are three independent situations that occurred for Bartek Corporation during 2020. Barteks year-end is December 31, 2020. i. On January 1, 2017, Bartek purchased a patent from Apex Co. for...
Crellerin Ltd. has a trademark with a carrying value of $100,500 that has an expected life of fifteen years. At December 31, 2020 year-end, an evaluation of the trademark was completed. The following...
The Sanchez Computer Center currently has an $11,900 balance in Accounts Receivable. Here is a current schedule of Accounts Receivable: Sanchez Computer Center Schedule of Accounts Receivable March...
Test - LOG 2060 Intermediate Systems Sustainment Management T07.E02 Describe DoD's Depot Maintenance Enterprise and How Core, 50-50, and Partnering Initiatives Question 30 of 31. In depot...
Assuming that StickerGiant plans to expand its business to overseas markets, what are the top 3 environmental factors (economic, political/legal, demographic, social, competitive, global, and...
Selina is an avid sky diver. How would an insurer rate the severity/probability of the risks to which Selina is exposed? a) minor/low b) critical/high c) material/medium d) critical/low
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing...
Perpendicular Offset Practice Problem Find the perpendicular offset and station of Point K relative to line JL. Point K N 2423.58 Point L. Point J N 2537.19 N 2399.34 E 1774.94 E 2223.41 E 2445.15
Describe the residual dividend model. Explain how it operates and how firms use it in practice. In your answer, discuss any influences signaling and the clientele effect might have on a firms...
Determine whether the lines are parallel, perpendicular, or neither. 2x + 3y = -12, 2y - 3x = 8
A government bond matures in 30 years, makes semi-annual coupon payments of 6.0% ($120 per year) and offers a yield of 3.7% annually compounded. Assume face value is $1,000. Three years later the...
Your objective is: 1. Carry out a life insurance needs analysis, for each one of them (show your calculations) [30 Marks] 2. Refer to the case and the insurance plan quotes. Would you recommend...
TufStuff, Incorporated, sells a wide range of drums, bins, boxes, and other containers that are used in the chemical industry. One of the company s products is a heavy - duty corrosion - resistant...

Fredickson Ltd. purchased a trade name, a patented process and a customer list for $1.2 million cash.

Question:

Step by Step Answer:

Intermediate Financial Accounting Volume 1

Students also viewed these Business questions