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Please see attached file for practice questions.

Practice - 1 Presented below is information related to copyrights owned by Oriole Company at December 31, 2017. Cost Carrying amount Expected future net cash flows Fair value $8,630,000 4,370,000 4,040,000 3,200,000 Assume that Oriole Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the journal entry to record amortization expense for 2018 related to the copyrights. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit The fair value of the copyright at December 31, 2018, is $3,410,000. Prepare the journal entry necessary to record the increase in fair value. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Practice - 2 On July 1, 2017, Marigold Corporation purchased Young Company by paying $256,600 cash and issuing a $115,000 note payable to Steve Young. At July 1, 2017, the balance sheet of Young Company was as follows. Cash Accounts receivable $50,200 90,000 Inventory 106,000 Land 41,300 Buildings (net) 75,900 Equipment (net) 70,500 Trademarks Accounts payable Stockholders' equity $208,000 237,900 $445,900 12,000 $445,900 The recorded amounts all approximate current values except for land (fair value of $61,400), inventory (fair value of $125,800), and trademarks (fair value of $16,160). Prepare the July 1 entry for Marigold Corporation to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Prepare the December 31 entry for Marigold Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $4,280. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Practice-3 Presented below is net asset information related to the Metlock Division of Santana, Inc. METLOCK DIVISION NET ASSETS AS OF DECEMBER 31, 2017 (IN MILLIONS) Cash Accounts receivable $54 203 Property, plant, and equipment (net) Goodwill Less: Notes payable Net assets 2,598 204 (2,593) $466 The purpose of the Metlock Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write-down at this time is appropriate. Management estimated its future net cash flows from the project to be $425 million. Management has also received an offer to purchase the division for $335 million. All identifiable assets' and liabilities' book and fair value amounts are the same. Prepare the journal entry to record the impairment at December 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit At December 31, 2018, it is estimated that the division's fair value increased to $346 million. Prepare the journal entry to record this increase in fair value. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Practice - 4 Pronghorn Corporation was organized in 2016 and began operations at the beginning of 2017. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations. Attorney's fees in connection with organization of the company Purchase of drafting and design equipment $16,300 11,300 Costs of meetings of incorporators to discuss organizational activities State filing fees to incorporate 6,200 1,100 $34,900 Compute the total amount of organization costs incurred by Pronghorn. Total organization costs $ Prepare the journal entry to record organization costs for 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Practice - 5 Wildhorse Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2016, the company expends $330,500 on a research project, but by the end of 2016 it is impossible to determine whether any benefit will be derived from it. The project is completed in 2017, and a successful patent is obtained. The R&D costs to complete the project are $120,500. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2017 total $18,100. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record research and development costs) (To record legal and administrative costs) (To record one year's amortization expense) In 2018, the company successfully defends the patent in extended litigation at a cost of $56,800, thereby extending the patent life to December 31, 2025. What is the proper way to account for this cost? Also, record patent amortization (full year) in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To record legal cost of successfully defending patent) (To record one year's amortization) Debit Credit Practice - 6 Wildhorse Company incurred the following costs during the current year in connection with its research and development activities. Cost of equipment acquired that will have alternative uses in future R&D projects over the next 5 years (uses straight-line depreciation) Materials consumed in R&D projects Consulting fees paid to outsiders for R&D projects Personnel costs of persons involved in R&D projects Indirect costs reasonably allocable to R&D projects Materials purchased for future R&D projects $285,000 56,000 120,000 121,000 46,000 33,000 Compute the amount to be reported as research and development expense by Wildhorse on its current year income statement. Assume equipment is purchased at the beginning of the year. $ Total to be expensed for research and Development