On the first day of the fiscal year, a new walk-in cooler with a list price of $52,000 was acquired in exchange for an old cooler and $24,000 cash. The old cooler had a cost $24,000 and accumulated depreciation of $17,000 Determine the cost of the new cooler for financial reporting purposes. Journalize the entry to record the exchange. For a business that makes advance provision for uncollectible receivables: Journalise the entries to record the following: Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates doubtful accounts of $20,000. In March of the following fiscal year, the $550 owed by Flake Co. on account is written off as uncollectible. Eight months later, $200 of the Flake Co. account is reinstated and payment of that amount is received. In October, $400 is received on the $600 owed by Doe Co. and the remainder is written off as uncollectible. Based on the data in above, what is the net realizable value of the accounts receivable as reported on the balance sheet as of December 31? Assuming that the business had been following the direct write-off procedure in accounting for uncollectible receivables, journalize the entries to record the following: Recorded the write-off of account of Flake Co. Reinstated account of Flake Co. for $200 and recorded payment of that amount received Recorded the receipt of $400 from Doe Co. in above and wrote off the remainder owed as uncollectible. On December 31, Bowman Company estimated that goodwill of $80,000 was impaired. In addition, a with an estimated useful economic life of 10 years was acquired for $252,000 on June l. Required: Journalize the adjusting entry on December 31 for the impaired goodwill. Journalize the adjusting entry on December 31 for the amortization of the patent rights