Chapter 10 Homework Q(12)

Amortizationanddepletionentries

Chrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:44 AM QE ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false r Paused ... Chapter 10 Homework eBook Print Item Amortization and depletion entries ? 1. EX. 10.05 Instructions Chart of Accounts First questions Journal 2. EX. 10.06 3. EX. 10.08 Instructions X 4. EX. 10.10 Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: 5. EX. 10.11 a. Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1, 100,000 board feet of timber were cut and sold 6. EX. 10.12 b. On December 31, the company determined that $3,750,000 of goodwill was impaired. 7. EX. 10.15 c. Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year. 8. EX. 10.18 Required: 9. EX. 10.19 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items. 10. EX. 10.20 2. Journalize the adjusting entries required to record the amortization, depletion, or impairment for each item. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit 11. PR. 10.05A.BLANKSHEET or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 12. PR. 10.06A.BLANKSHEET Progress: 12/12 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading tv WChrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:44 AM QE ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false r Paused ... Chapter 10 Homework eBook Print Item Amortization and depletion entries ? 1. EX. 10.05 Instructions Chart of Accounts First questions Journal 2. EX. 10.06 Chart of Accounts X 3. EX. 10.08 CHART OF ACCOUNTS 4. EX. 10.10 General Ledger 5. EX. 10.11 ASSETS REVENUE 6. EX. 10.12 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 7. EX. 10.15 112 Accounts Receivable 620 Gain on Sale of Vehicles 8. EX. 10.18 114 Interest Receivable 621 Gain on Sale of Equipment 115 Notes Receivable 622 Gain on Sale of Timber Rights 9. EX. 10.19 116 Merchandise Inventory 623 Gain from Sale of Goodwill 10. EX. 10.20 117 Supplies 119 Prepaid Insurance EXPENSES 11. PR. 10.05A.BLANKSHEET 120 Land 510 Cost of Merchandise Sold 12. PR. 10.06A.BLANKSHEET 123 Vehicles 520 Salaries Expense 124 Accumulated Depreciation-Vehicles 521 Advertising Expense 125 Equipment 522 Depreciation Expense-Vehicles Previous Progress: 12/12 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading tv WChrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:44 AM QE ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false r Paused ... Chapter 10 Homework eBook Print Item Amortization and depletion entries ? 1. EX. 10.05 Instructions Chart of Accounts First questions Journal 2. EX. 10.06 Chart of Accounts X 3. EX. 10.08 125 Equipment 522 Depreciation Expense-Vehicles 4. EX. 10.10 126 Accumulated Depreciation-Equipment 523 Delivery Expense 130 Timber Rights 524 Repairs and Maintenance Expense 5. EX. 10.11 131 Accumulated Depletion 529 Selling Expenses 6. EX. 10.12 132 Goodwill 531 Rent Expense 133 Patents 532 Depreciation Expense-Equipment 7. EX. 10.15 533 Depletion Expense LIABILITIES 534 Amortization Expense-Patents 8. EX. 10.18 210 Accounts Payable 535 Insurance Expense 9. EX. 10.19 211 Salaries Payable 536 Supplies Expense 213 Sales Tax Payable 539 Miscellaneous Expense 10. EX. 10.20 214 Interest Payable 710 Interest Expense 11. PR. 10.05A.BLANKSHEET 215 Notes Payable 720 Loss on Sale of Vehicles 721 Loss on Sale of Equipment 12. PR. 10.06A.BLANKSHEET EQUITY 722 Loss on Sale of Timber Rights 310 Owner's Capital 723 Loss from Impaired Goodwill 311 Owner's Drawing Previous Progress: 12/12 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading tv WChrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:44 AM QE ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + O F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false r Paused ... Chapter 10 Homework eBook Print Item ? 1. EX. 10.05 Chart of Accounts X 126 Accumulated Depreciation-Equipment OLS Delivery Experise 2. EX. 10.06 130 Timber Rights 524 Repairs and Maintenance Expense 3. EX. 10.08 131 Accumulated Depletion 529 Selling Expenses 132 Goodwill 531 Rent Expense 4. EX. 10.10 133 Patents 532 Depreciation Expense-Equipment 533 Depletion Expense 5. EX. 10.11 LIABILITIES 534 Amortization Expense-Patents 6. EX. 10.12 210 Accounts Payable 535 Insurance Expense 211 Salaries Payable Supplies Expense 7. EX. 10.15 213 Sales Tax Payable 539 Miscellaneous Expense 8. EX. 10.18 214 Interest Payable 710 Interest Expense 215 Notes Payable 720 Loss on Sale of Vehicles 9. EX. 10.19 721 Loss on Sale of Equipment EQUITY 10. EX. 10.20 722 Loss on Sale of Timber Rights 310 Owner's Capital 723 Loss from Impaired Goodwill 11. PR. 10.05A.BLANKSHEET 311 Owner's Drawing 12. PR. 10.06A.BLANKSHEET Progress: 12/12 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig tv W OChrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:44 AM Q ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused ... Chapter 10 Homework eBook Print Item ? 1. EX. 10.05 Amortization and depletion entries Chart of Accounts First questions Journal 2. EX. 10.06 Instructions 3. EX. 10.08 Chart of Accounts X First questions X 4. EX. 10.10 5. EX. 10.11 1. Determine the amount of the amortization, depletion, or impairment for the current year for each of the items in the Instructions. 6. EX. 10.12 3. EA EA 7. EX. 10.15 C. $ 8. EX. 10.18 9. EX. 10.19 10. EX. 10.20 11. PR. 10.05A.BLANKSHEET 12. PR. 10.06A.BLANKSHEET 126 Accumulated Depreciation-Equipment 523 Delivery Expense 130 Timber Rights 524 Repairs and Maintenance Expense 131 Accumulated Depletion 529 Selling Expenses Progress: 12/12 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading tv WChrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:45 AM Q ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused ... Chapter 10 Homework eBook Print Item 1. EX. 10.05 Amortization and depletion entries 2. EX. 10.06 Instructions Chart of Accounts First questions Journa 3. EX. 10.08 Journal X 2. Journalize the transactions and the adjusting entries on December 31. Scroll down to access pages 2 through 3 of the journal. Refer to the chart of accounts for the exact wording of 4. EX. 10.10 the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 5. EX. 10.11 6. EX. 10.12 a. Timber rights on a tract of land were purchased for $1,600,000 on February 22. The stand of timber is estimated at 5,000,000 board feet. During the current year, 1, 100,000 board feet of timber were cut and sold. 7. EX. 10.15 8. EX. 10.18 PAGE 1 9. EX. 10.19 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 10. EX. 10.20 1 Adjusting Entries 11. PR. 10.05A.BLANKSHEET 2 3 12. PR. 10.06A.BLANKSHEET b. On December 31, the company determined that $3,750,000 of goodwill was impaired. Progress: 12/12 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading tv WChrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:45 AM Q ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused ... Chapter 10 Homework eBook Print Item Amortization and depletion entries ? 1. EX. 10.05 Journa 2. EX. 10.06 Instructions Chart of Accounts First questions 3. EX. 10.08 Journal X 4. EX. 10.10 b. On December 31, the company determined that $3,750,000 of goodwill was impaired. 5. EX. 10.11 PAGE 2 6. EX. 10.12 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT 7. EX. 10.15 ASSETS LIABILITIES EQUITY 1 Adjusting Er 8. EX. 10.18 2 3 9. EX. 10.19 10. EX. 10.20 c. Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a 11. PR. 10.05A.BLANKSHEET year. 12. PR. 10.06A.BLANKSHEET PAGE 3 JOURNAL ACCOUNTING EQUATION Progress: 12/12 items Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assig tv W OChrome File Edit View History Bookmarks Profiles Tab Window Help TO Sun 12:45 AM QE ... Bb Lessons / Assignments - 20215 x CengageNOWv2 | Online teach x Cengage Learning * *Course Hero X + F - C v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Paused ... Chapter 10 Homework eBook Print Item Amortization and depletion entries ? 1. EX. 10.05 Instructions Chart of Accounts First questions Journa 2. EX. 10.06 3. EX. 10.08 Journal X PAGE Z 4. EX. 10.10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION DEBIT CREDIT 5. EX. 10.11 POST. REF. ASSETS LIABILITIES EQUITY 1 Adjusting Entries 6. EX. 10.12 2 7. EX. 10.15 8. EX. 10.18 9. EX. 10.19 c. Governmental and legal costs of $6,600,000 were incurred on April 3 in obtaining a patent with an estimated economic life of 12 years. Amortization is to be for three-fourths of a year. 10. EX. 10.20 11. PR. 10.05A.BLANKSHEET PAGE 3 JOURNAL ACCOUNTING EQUATION 12. PR. 10.06A.BLANKSHEET DATE DESCRIPTION POST. REF . DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Adjusting Entries 2 Progress: 12/12 items Previous Assignment Score: 0.0% All work saved. Email Instructor Save and Exit Submit Assignment for Grading tv W