Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barkley Corp purchased Hasher Company at 01/01/2020 for $3000,000 the following is the book value and fair market value for Hasher Co. book value fair

image text in transcribed
Barkley Corp purchased Hasher Company at 01/01/2020 for $3000,000 the following is the book value and fair market value for Hasher Co. book value fair market cash 50000 50000 account receivables 120000 100,000 inventory 250,000 300,000 patent 100,000 120,000 equipment net 1,000,000 1,200,000 Gold mine 1,500,000 1,400,000 3020000 account payable -150,000 - 150,000 notes payable -360,000 -380,000 ordinary shares -2,000,000 premium -510,000 -3,020,000 The following information available for the year 2020: 1- Barkley co. used 10 years amortization for patent and estimated 500,000 ounces in Gold mine. 2- In 31/05/2020 the company paid for successfully defended its patent 15,000$ as legal fees. 3- During the year the company extracted and sold 120.000 ounces gold 4- At 31/12/2020 the company recovery value of units that purchased (Hasher) 2,700,000$ and its net book value including good will 2,750,000 Required Prepare the necessary journal entries for (if any): 1) the purchased of hasher company. 2) entries during the year of 2020. 3) all adjusting entry in 31/12/2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Oil And Gas Industry IRS Audit Technique Guide

Authors: Internal Revenue Service

1st Edition

1304113434, 978-1304113436

More Books

Students also viewed these Accounting questions

Question

How do I make the scatter plot?

Answered: 1 week ago