qyestuin has 3 parts only answers required no explanation and i will give good rating

+D 4 a) Goodwill (10 marks) 5 Black Cat Industries purchased all of the following assets and liabilities of YellowBird Inc for $947,000 cash 7 9 Item Book Value Fair Value Accounts Receivable (net) $ 115,000 $ 115,000 10 Inventory 88,000 96,000 11 Equipment (net) 487.000 607.000 12 Land 161.000 179,000 13 Accounts Payable 87,000 87,000 14 Notes Payable 103,000 103,000 15 AFDA is $1,000 and accumulated depreciation on equipment is $200,000 on the books of YellowBird 16 17 Required: 18 Prepare the journal entry to record the acquisition of YellowBurd. 19 20 Date Account Titles Debit Credit 21 22 23 24 25 26 27 28 . b) Patents (8 marks) 46 47 On Jan 1, 2017, Simmons Corp purchased aptent from Ace Ltd. For 560,000. On Jan 1, 2020 40 Sinmom paid $14.500 for successful litigation in defence of the patent Simmons estimates that the useful life of the patent will be 15 years from the date of acquisition 30 1 Required Calculate the carrying value of the patent at December 31, 2020. Show your work in the 5 pace provided below 55 Carrying value at December 31, 2020 52 Workspace will be graded ti 54 65 1) Research and Development Costs (4 marks) 7 Rainbow Corp incurred the following costs related to research and development in 2020. The specific 78 conditions required for capitalization have been met and they follow IFRS 00 Laboratory research aimed at the discovery of new knowledge 5 82.600 Design of new products involving new technology 29.500 Testing of new products produced 19,500 Construction of research and development facilities 320,000 14 DS 6 Required: 87 1. How much of these costs should be capitalized as development costs in 2007 2. For costs that should not be capitalized as development costs in 2020, explain where they would be 90 recorded in the financial statements 93 90 97 End of page 99 100 101 102