1. Sage Hill, Inc., spent $91,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $91,000 expenditure and the first year's amortization, using an 10-year life. Use the account title "Trade Names". 2. On September 1, 2020. Concord Corporation acquired Skysong Enterprises for a cash payment of $790,000. At the time of purchase. Skysong's balance sheet showed assets of $630,000, liabilities of $180.000, and owners' equity of $450,000. The fair value of Skysong's assets is estimated to be $890.000 Compute the amount of goodwill acquired by Concord. Value assigned to goodwill- 3. Martinez Corporation owns a patent that has a carrying amount of $310,000. Martinez expects future net cash flows from this patent to total $250,000. The fair value of the patent is $160.000. Prepare Martinez's journal entry to record the loss on impairment. 4) Martinez Corporation incurred the following costs in 2020. $160 94,000 Cost of laboratory research aimed at discovery of new knowledge Cost of testing in search for product alternatives Cost of engineering activity required to advance the design of a product to the manufacturing stage 254.000 $508,000 Prepare the necessary 2020 journal entry or entries for Martinez 4. Marigold Company purchased machinery on January 1, 2020, for $83,200. The machinery is estimated to have a salvage value of $8,320 after a useful life of 8 years Compute 2020 depreciation expense using the double-declining-balance method, assuming the machinery was purchased on October 1, 2020. Depreciation expenses 5) Treasure Land Corporation incurred the following costs in 2020. Cost of laboratory research aimed at discovery of new $120.000 knowledge Prepare the Cost of testing in search for product alternatives 100.000 necessary 2020 Cost of engineering activity required to advance the journal entry or 210,000 entries for Treasure design of a product to the manufacturing stage Land. $430,000 6) On September 1, 2020, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000. At the time of purchase. Aumont's balance sheet showed assets of $620.000, liabilities of $200,000, and owners' equity of $420,000. The fair value of Aumont's assets is estimated to be $800,000 Compute the amount of goodwill acquired by Winans. Value assigned to goodwill 7Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net cash flows from this patent to total $210,000. The fair value of the patent is $110.000. Prepare Kenoly's journal entry to record the loss on impairment