Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Questo 12 points Required: Prepare the joumal entry to record the amortization expense on Dec 31, 2020 A. On July 1, 2020 ABC Co. purchased

image text in transcribed
image text in transcribed
Questo 12 points Required: Prepare the joumal entry to record the amortization expense on Dec 31, 2020 A. On July 1, 2020 ABC Co. purchased a patent for $ 1,200,000. The patent legally protects the one for 20 years the complans to use it for 3 years weful life of 6 years. On April 1, 2020, the company told the equipment for $280,000 cash B. On January 1, 2017. Sar Co purchased equipment costing $624,000. The equipment has been depreciated using the trigliseried bed and be of 54.000 de Required:Prepare journal entries to record: 1. The partial year's depreciation (the update) on April 1, 2020 2. The tale of the equipment on April 1, 2020 YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM, DO NOT USE BETWEEN NUMBERS De Cash 10000 Ct. Land 10000 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). I gs Paragraph Arial 14px A XO Q A Moving to another question will save this response. estion 11 A. On July 1, 2020 ABC Co. purchased a patent for $ 1,200,000. The patent legally protects the owner for 20 years the company plans to use it for 30 year. Required: Prepare the joumal entry to record the amortization expense on Dec 31, 2020 B. On January 1, 2017, Sar Co. purchased equipment costing $624,000. The equipment has been depreciated using the straight-line metod based on estinand salaperalue of $24.900 ml a tinand useful life of 6 years. On April 1, 2020, the company sold the equipment for S 280,000 cash Required. Prepare journal entries to record: 1. The partial year's depreciation (the update) on April 1, 2020 2. The sale of the equipment on April 1, 2020 YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM, DO NOT USE BETWEEN NUMBERS Dr. Cash 10000 Cr. Land 10000 For the toolbar, press ALT+F10 (PC) or ALT FN+F10 (MAC). IX @ @ y s Paragraph Arial

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Method And Meaning Teachers Guide

Authors: R.M.S. Wilson

2nd Edition

0412436205, 978-0412436208

More Books

Students also viewed these Accounting questions