Question
On December 1, 2022, Falcon, Inc purchases Hawk, Inc for $500,000 cash. Included in the purchase is $130,00 in Tangible Net Assets, a Patent worth
On December 1, 2022, Falcon, Inc purchases Hawk, Inc for $500,000 cash. Included in the purchase is $130,00 in Tangible Net Assets, a Patent worth $50,000, a copyright worth $90,000, and Trademark worth $25,000. The Patent has a remaining useful life of 10 years. The copyright has a remaining useful life of 6 years. How much Goodwill will Falcon record as part of the purchase? Prepare the journal entry to record the purchase. DR: DR: DR: DR: DR: CR: Prepare the journal entry to record one year's amortization on the Patent. DR: CR: Prepare the journal entry to record one year's amortization on the Copyright. DR: [amortexp] CR: [accumamort] On December 31, 2023, Falcon Inc reviews the goodwill for impairment and estimates the current value is $180,000. By how much should Falcon adjust their goodwill? On December 31, 2024, Falcon Inc reviews the goodwill for impairment and estimates the current value is $200,000. By how much should Falc
On December 1, 2022, Falcon, Inc purchases Hawk, Inc for $500,000 cash. Included in the purchase is $130,00 in Tangible Net Assets, a Patent worth $50,000, a copyright worth $90,000, and Trademark worth $25,000. The Patent has a remaining useful life of 10 years. The copyright has a remaining useful life of 6 years.
How much Goodwill will Falcon record as part of the purchase?
Prepare the journal entry to record the purchase.
DR:
DR:
DR:
DR:
DR:
CR:
Prepare the journal entry to record one year's amortization on the Patent.
DR:
CR:
Prepare the journal entry to record one year's amortization on the Copyright.
DR: [amortexp]
CR: [accumamort]
On December 31, 2023, Falcon Inc reviews the goodwill for impairment and estimates the current value is $180,000. By how much should Falcon adjust their goodwill?
On December 31, 2024, Falcon Inc reviews the goodwill for impairment and estimates the current value is $200,000. By how much should Falcon adjust their goodwill?
on adjust their goodwill?
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Audit Culture How Indicators And Rankings Are Reshaping The World
Authors: Cris Shore, Susan Wright
1st Edition
0745336450, 978-0745336459
