Exercise 1.70 (Aigo) Kecora amortization expense (LU/-) On January 1, 2024. Weaver Corporation purchased a patent for $219,000. The remaining legal life is 20 years, but the company estimates the potent will be useful for only slo more years In January 2026, the company incurred legal foes of 539.000 in successfuly defending a parent intringement sult The successful defense did not change the company's estimate of useful life Weaver Corporation't year-end is December 31 Roquired: 1. Record the purchase in 2024, amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026 2. What is the balance in the Patent account at the end of 2026 ? Complete this nuestion by entering your anwwers in the tabs below. What is the balance in the Patent account at the end of 2020 ? Exercise 7-17 (Algo) Record the sale of equipment (LO7.6) (The following infomation appilies to the questions displayed below.) Faucet Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18,000. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account Exercise 7.17 (Algo) Part 1 Required: 1. Record the sale. (it no entry is required for a particular transactionjeverf, select "No Journal Entry Required" in the first acco field.) field.) Journal entry worksheet (1) Required information r 1 of 2 Record the sale of tractor. Note: Enter debits before credits. Required information Exercise 7-17 (Algo) Record the sale of equipment (LO7-6) [The following information applies to the questions displayed below] Faucet Landscaping purchased a tractor at a cost of $36,000 and sold it three years later for $18,000. Faucet recorded depreciation using the straight-line method, a five-year service life, and a $2,000 residual value. Tractors are included in the Equipment account. xercise 7-17 (Algo) Part 2 Assume the tractor was sold for $11,200 instead of $18,000. Record the sale. (If no entry is required for a particular ansaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Journal entry worksheet Required information Problem 7.8A (Algo) Record the disposal of equipment (LO7.6) [The following information applies to the questions displayed below] New Morning Bakery is in the process of closing its operations. It soid its two-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens originally cost $855,000, had an estimated service life of 10 years, had an estimated residual value of $55,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A (Algo) Part 1 Required: 1. Calculate the balance in the accumulated depreciation account ot the end of the second year. Required information Problem 7.8A (Algo) Record the disposal of equipment (LO7-6) The following information apples to the questions displayed bejow] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens onginally cost $855,000, had an estimated service life of 10 years, had an estimated residual value of $55,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery Problem 7.8A (Algo) Part 2 2. Calculate the book value of the ovens at the end of the second year. Required information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below.] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens originally cost $855,000, had an estimated service life of 10 years, had an estimated residual value of $55,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bokery. Problem 7.8A (Algo) Part 3 3. What is the gain or loss on the sale of the ovens at the end of the second year? Required information Problem 7.8A (Algo) Record the disposal of equipment (LO7.6) The following information applies to the questions displayed below] New Moming Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $650,000. The ovens onginally cost $855,000, had an estimated service life of 10 years, had an estimated residual value of $55,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery Problem 7-8A (Algo) Part 4 4. Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select Entry Required " in the first account field.) Note: Enter debits before credits
