1.Morgan Corporation purchased a depreciable asset for $600,000 on January 1, 2018. The estimated salvage value is $60,000 and the estimated useful life is 9 years. The straight-line method is used for depreciation. In 2020, Morgan changed its estimates to a total useful life of years with a salvage value of $90,000. What is 2020 depreciation expense?

2.On September 1, 2021 Vernon Corporation acquired Barlow Enterprises for a cash payment of $700,000. At the time of purchases, Barlow's balance sheet showed assets of $970,000, liabilities of $240,000 and owner's equity of $730,000. The fair value of Barlow's assets is estimated to be $610,000. Compute the amount of goodwill acquired by Vernon.

3.Remington Corporation purchases a patent from Durler Company on January 1, 2020 for $84,000. The patent has a remaining legal of 16 years. Remington feels the patent will be useful for 12 years. Assume that at January 1, 2022, the carrying amount of the patent on Remington's books is $70,000. In January, Remington spends $20,000 successfully Required: Prepare Remington's Journal entries to record the amortization for 2020 and 2022.