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Question 3 (8 Points): XYZ company report the following about its copyright: 1- 1/1/2018 the account of the copyright created by $1000,000. 2- 31/12/2019 the
Question 3 (8 Points):
XYZ company report the following about its copyright:
1- 1/1/2018 the account of the copyright created by $1000,000.
2- 31/12/2019 the carrying value of the copyright was $950,000.
3- 31/12/2019 the fair value of the copyright was $900,000.
4- The copyright has a remaining useful life of 5 years.
Instruction:
1- Prepare the journal entry (if any) to record the impairment of the asset on December 31, 2019.
2- Prepare the journal entry to record the amortization of the copyright on December 31, 2019.
Question 4 (7 Points):
Rafedya Company paid $110,000 cash to purchase the net assets of Margareta Company. The book value of the net assets was $150,000 and it is exceeded its net fair value by $50,000.
Instructions:
Calculate the good will.
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