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Problem 7.5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below] University Car Wash purchased new soap dispensing

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Problem 7.5A (Algo) Determine depreciation under three methods (LO7-4) [The following information applies to the questions displayed below] University Car Wash purchased new soap dispensing equipment that cost $246,000 inciuding installation. The company estimates that the equipment will have a residual value of $27,000. University Car Wash aiso estimates it wil use the machine for six years or about 12,000 total hours. Actual use per year was as follows Problem 7-5A (Algo) Part 3 3. Prepare a depreciation schedule for six years using the activity-based method (Round your "Depreciation Rote" to 2 decimal places and use this amount in all subsequent calculations.) The following information relates to the intangible assets of University Testing Services (UTS) a. On January 1, 2024. UTS completed the purchase of Heinrich Corporation for $2,949,000 in cash. The fair value of the net Identifable assets of Heinrich was $2,650,000 b. Included in the assets purchased from Heinrich was a patent valued at $105,300. The original legal hife of the patent was 20 years, there are 12 years remaining, but UTS beheves the patent will be useful for only nine more years c. UTS acquired a franchise on July 1, 2024, by paying an inital franchise fee of $278,400. The contractual life of the franchise is 8 years. Required: 1. Record amortization expense for the intangible assets at December 31,2024 2. Prepare the intangible asset section of the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Record amortization expense for the intangible assets at December 31, 2024. (If no entry is required for a transaction/event, select "No Joumal Entry Required" in the first account field.) Journal entry worksheet On January 1, 2024, UTS completed the purchase of Heinnich Corporation for $2,949,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,650,000. Record amortization of poodwill. Wote: Enter debuts before creosts. a. On January 1, 2024. UTS completed the purchase of Heinrich Corporation for $2,949,000 in cash. The fair value of the net Identifiable assets of Heinnich was $2,650,000 b. Included in the assets purchased from Heinrich was a patent valued at $105,300. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS belleves the patent will be useful for only nine more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $278.400. The contractual life of the franchise is 8 years Required: 1. Record amortization expense for the intangible assets at December 31,2024. 2. Prepare the intangible asset section of the December 31, 2024, balance sheet. Complete this question by entering your answers in the tabs below. Record amortization expense for the intangible assets at December 31, 2024. (If no entry is required for a transaction/event, select "No. lournal Entry Required" in the first account field.) Journal entry worksheet Included in the assets purchased from Heinrich was a patent valued at $105,300. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only nine more years. Record amortization of the patent. a. On January 1, 2024, UTS completed the purchase of Heintich Corporation for $2,949,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,650,000 b. Included in the assets purchased from Heintich was a patent valued at $105,300. The original legal life of the patent was 20 years; there are 12 years remaining, but UTS believes the patent will be useful for only nine more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $278,400. The contractual life of the franchise is 8 years. Required: 1. Record amortization expense for the intangible assets at December 31,2024. 2. Prepare the intangible asset section of the December 31,2024 , balance sheet. Complete this question by entering your answers in the tabs below. Record amortization expense for the intangible assets at December 31, 2024. (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Journal entry worksheet UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $278,400. The contractual life of the franchise is 8 years. Record amortization of the franchise rights. Notet Enter debits before credits Problem 7.6A (Algo) Record amortization and prepare the intangible assets section (LO7-5) The following information relates to the intangible assets of University Testing Services (UTS) a. On January 1, 2024. UTS completed the purchase of Heinrich Corporation for $2.949,000 in cash. The fair value of the net identifiable assets of Heinrich was $2,650,000 b. Included in the assets purchased from Heinrich was a patent valued at $105,300. The original legal life of the patent was 20 years, there are 12 years remaining, but UTS believes the patent will be useful for only nine more years. c. UTS acquired a franchise on July 1, 2024, by paying an initial franchise fee of $278,400. The contractual life of the franchise is 8 years Required: 1. Record amortization expense for the intangible assets at December 31, 2024 2. Prepare the intangible asset section of the December 31,2024 , balance sheet Complete this question by entering your answers in the tabs below. Prepare the intangible asset section of the December 31,2024 , balance sheet. Required information Problem 7.8A (Algo) Record the disposal of equipment (LO7.6) (The following information applies to the questions displayed below) New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $510,000. The ovens originally cost $701,000, had an estimated service life of 10 years, had an estimated residual value of $41,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A (Algo) Part 1 Required: 1. Calculate the balance in the accumulated depreciation account at the end of the second year Required information Problem 7-8A (Algo) Record the disposol of equipment (LO7-6) [The following information applies to the questions displayed below] New Morning Bakery is in the process of closing its operations. It sold its two-year-oid bakery ovens to Great Harvest Bakery for $510,000. The ovens originally cost $701,000, had an estimated service life of 10 years, had an estimated residual value of $41,000, and were depreciated using straight-line depreciation. Complete the requirements below for New Morning Bakery. Problem 7-8A (Algo) Part 2 2. Calculate the book value of the ovens at the end of the second year Required information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $510,000. The ovens originally cost $701,000, had an estimated service life of 10 years, had an estimated residual value of $41,000, and were depreciated using straight-ine depreciation Complete the requirements below for New Morning Bakery. Problem 7-8A (Algo) Part 3 3. What is the gain or loss on the sale of the ovens at the end of the second year? Required information Problem 7-8A (Algo) Record the disposal of equipment (LO7-6) [The following information applies to the questions displayed below] New Morning Bakery is in the process of closing its operations. It sold its two-year-old bakery ovens to Great Harvest Bakery for $510,000. The ovens originally cost $701,000, had an estimated service life of 10 years, had an estimated residual value of $41,000, and were depreciated using straight-line depreciation. Complete the requirements below for Problem 7-8A (Algo) Part 4 Record the sale of the ovens at the end of the second year. (If no entry is required for a transaction/event, select "No Journal intry Required" in the first account field.) Journal entry worksheet Record the sale of ovens. Note: Enter debits belore credits

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