Journal entry worksheet Advertising costs of $260,000 were used in the current year to promote the company's products and services, including those expected to be released next year. Note: Enter debits before credits. Journal entry worksheet Internal costs of $510,000 were used to research and develop a new highresolution monitor. The company expects production to begin next year, and sales to customers to occur over the next five years. Note: Enter debits before credits. Micro Facilities incurs the following costs during the year. - A new patent is purchased for $610,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. - Internal costs of $510,000 were used to research and develop a new high-resolution monitor. The company expects production to begin next year, and sales to customers to occur over the next five years. - An integrated sound component for video capture processes is developed using internal resources at a cost of $460,000. By the end of the year, the company applies for and recelves a patent on the sound component. - Advertising costs of $260,000 were used in the current year to promote the company's products and services, including those expected to be released next year. Required: Record the expenditures. Assume all expenditures were paid in cash, (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet A new patent is purchased for $610,000 from Techno Company. The patent gives Micro exclusive right to sell specialized data storage units. Note Enter debes betore coedits. Mainline Produce Corporation acquired all the outstanding common stock of Iceberg Lettuce Corporation for $39,000,000 in cash. The book values and fair values of Iceberg's assets and liabilities were as follows: Required: Calculate the amount paid for goodwill. (Enter your answer in millions (i.e. 5,000,000 should be entered as 5).) Brick Oven Corporation made the following expenditures during the first month of operations: Required: Record the $94,950 in cash expenditures. (If no entry is required for a particular transaction/event, select "No Journal Entr Required" in the first account field.) Anderson's Fish House purchases a tract of land and an existing building for $900,000. The company plans to remove the old building and construct a new restaurant on the site. In addition to the purchase price, Anderson pays closing costs, including titie insurance of $2,000. The company also pays $12,000 in property taxes, which includes $8,000 of back taxes (unpaid taxes from previous years) paid by Anderson on behalf of the seller and $4,000 due for the current fiscal year after the purchase date. Shortly after closing. the company pays a contractor $45,000 to tear down the old building and remove it from the site. Anderson is able to sell salvaged materials from the old building for $3,000 and pays an odditional $10,000 to level the land. Required: Determine the amount Anderson's Fish House should record as the cost of the land. (Amounts to be deducted should be indicated by a minus sign.) Lapeer Flour Mills purchased new equipment and made the following expenditures: Required: Record the expenditures. All expenditures were paid in cash. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the expenditures, All expenditures were paid in cash. Note: Enter debits before credits
