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i need part c please!! list of accounts are provided at the bottom. thank you The following information relates to a patent owned by Gentry
i need part c please!! list of accounts are provided at the bottom. thank you
The following information relates to a patent owned by Gentry Company: (a) Your answer is correct Prepare the journal entry (if any) to record the impairment of the asset at December 31. 2024. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. List debit entry before credit entry) Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2025 assuming the asset has a remaining useful life of 3 years at the beginning of 2025. (Credit account titles are automatkcally indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List debit entry before credit entry. Using the same assumption as part (a) above, prepare the journal entry (if any) at December 31,2025 , assuming the fair value of the asset has increased to $1,900,000. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment Loss on Patent write-off NoEntry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Pbents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense. Rent Receivable Rent Revenue Research and Development Expense Research and Development Expense Retained Earnings Tradenames Trademarks The following information relates to a patent owned by Gentry Company: (a) Your answer is correct Prepare the journal entry (if any) to record the impairment of the asset at December 31. 2024. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. List debit entry before credit entry) Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2025 assuming the asset has a remaining useful life of 3 years at the beginning of 2025. (Credit account titles are automatkcally indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List debit entry before credit entry. Using the same assumption as part (a) above, prepare the journal entry (if any) at December 31,2025 , assuming the fair value of the asset has increased to $1,900,000. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment Loss on Patent write-off NoEntry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Pbents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense. Rent Receivable Rent Revenue Research and Development Expense Research and Development Expense Retained Earnings Tradenames Trademarks Step by Step Solution
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