Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can you solve question 1? Nisha Coal company on january 1, 2013, Nisha coal company was granted a patent for one of its products. The
Can you solve question 1? Nisha Coal company on january 1, 2013, Nisha coal company was granted a patent for one of its products. The cost of the patent was $80,000and it was estimed to have a useful life of 8 years. the and estimated its useful life to be 3 years and the soltage value to be $1,000 on November 1,2014 the company purchesed a building that cost $ 2 million, estimeted useful life of the building is 20 years and the solvege value is expected to be $60,000. on december 31, 2014 the company sold the delivery truck that was purchesed in 2013 for $ 5,000. The company incurrd the following expenses in 2013 and 2014: The company paid $ 100 each year for oil change for the delivery truck. In 2014, the company paid $3,000 for building maintenance. you are required to read the above case and answer the following questions: journalize the transaction for the patent granted. record the journal entry for building purchase. Record the journal entry for Deprecation expenses for year 2013 and 2014 for equipment, building and delivery truck. company uses straight line depreciation method for its all plant assets. (separate the entries for 2013 from 2014) Record the journal entry for all the expenses which company incurred during 2013 and 2014 (separate the entries for 2013 from 2014) record the journal entry for all the expenses which company incurred during 2013 and 2014. (separate the entries for 2013 from 2014) Record the journal entry for sale of delivery truck. prepare the journal entry to record amortizotion of patent patent is an intangible asset. what is your opinion regarding amortization expenses for patent
Can you solve question 1?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started