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can an accounting tutor help me with my journal please. Data related to the acquisition of timber rights and intangible assets during the current year
can an accounting tutor help me with my journal please.
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: A. Timber rights on a tract of land were purchased for $1,406,160 on February 22. The stand of timber is estimated at 5,859,000 board feet. During the current year, 1,145,800 board feet of timber were cut and sold. B. On December 31, the company determined that $3,522,000 of goodwill was impaired. C. Governmental and legal costs of $7,194,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for three-fourths of a year. 2. Journalize the transactions and the adjusting entries. Refer to the Chart of Accounts for exact wording of account titles. Scroll down to access pages 2 through 3 of the journal. A. Timber rights on a tract of land were purchased for $1,406,160 on February 22. The stand of timber is estimated at 5,859,000 board feet. During the current year, 1,145,800 board feet of timber were cut and sold. Question not attempted. PAGE 1 JOURNAL Score: 0/25 DATE DESCRIPTION POST. REF. DEBIT CREDIT Adjusting Entries 1 2 3 Points: 0/5 B. On December 31, the company determined that $3,522,000 of goodwill was impaired. Question not attempted. PAGE 2 JOURNAL Score: 0/25 DATE 1 DESCRIPTION POST. REF. DEBIT CREDIT Adjusting Entries 2 3 Points: 0/5 C. Governmental and legal costs of $7,194,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 10 years. Amortization is to be for three-fourths of a year. Question not attempted. PAGE 3 JOURNAL Score: 0/25 DATE 1 2 3 DESCRIPTION Adjusting Entries POST. REF. DEBIT CREDITStep by Step Solution
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