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I'm not sure if the following I have put in so far is correct yet, but i believe it is The following information applies to
I'm not sure if the following I have put in so far is correct yet, but i believe it is
The following information applies to the questions displayed below During the current year ending on December 31, BSP Company completed the following transactions a. On January 1, purchased a patent for $45,900 cash (estimated useful life, nine years). b. On January, purchased the assets (not detailed) of another business for $149,000 cash, including $9,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life C. On December 31, onstructed a storage shed on land leased from D. Heald. The cost was $16,600. The company uses straight-line depreciation. The lease will expire in six years. (Amounts spent to enhance leased property are capitalized as intangible assets called Leasehold Improvements.]) d. Total expenditures for ordinary repairs and maintenence were $5,700 during the current year e. On December 31 of the current year, sold Machine A for $6,400 cash. Original cost was $24,000; accumulated depreciation (straight line) to December 31 of the prior year was $16,240 on a straight-line basis with a $3,700 residual value and five-year useful life). You should record the effects of two separate trensactions for this event. f. On December 31 of the current year, paid $6,500 for a complete reconclitioning of Machine B acquired on January 1 of the prior year. Original cost, $31,600; accumulated depreciation to December 31 of the prior year was $2100(on e straight-line basis with a $8,500 residual value and 11-year useful life)
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