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question 1

question 2

On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for $820,000 and $360,000, respectively. On the date of the sale, the book value of the patent was $ $155,000, and the book value of the equipment was $442,000 (cost of $627,000 less accumulated depreciation of $185,000) Prepare the journal entries to record the sales of the patent and equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Event 1 Answer is not complete. General Journal Cash Accumulated depreciation - equipment Patent Equipment Gain on sale of equipment XX Debit 1,225,000 200,000 Credit 170,000 660,000 595,000 On June 28, Lexicon Corporation acquired 100% of the common stock of Gulf & Eastern. The purchase price allocation included the following items: $4.6 million, patent; $3.6 million, developed technology: $2.6 million, indefinite- life trademark; $5.6 million, goodwill. Lexicon's policy is to amortize intangible assets using the straight-line method, no residual value, and a five-year useful life. What is the total amount of expenses (ignoring taxes) that would appear in Lexicon's income statement for the year ended December 31 related to these items? (Enter your answers in whole dollars.) Patent Developed technology Indefinite-life trademark Goodwill Total amortization expense- current year $ Cost 4,600,000 3,600,000 2,600,000 5,600,000 Select Amortization expense in current (partial) year $ 0