The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hashey, Inc. a leading manufacturer of games, toys, and interactive entertainment software for children and families: Accounts Receivable Accumulated Amortization Accumulated Depreciation Allowance for Doubtful Accounts Buildings Cash and Cash Equivalents $1,133 Equipment 761 Goodwill 516 Inventories 43 Land 256 Licensing Rights 696 Prepaid Rent $ 506 611 366 7 1,851 371 Required: 1. Prepare the asset section of a classified balance sheet for Hashey, Inc. 2. Using Hasbro's 2015 Net Sales Revenue of $4,530 (million), its Net Fixed Assets of $240 (million) at December 28, 2014, and its Net Fixed Assets computed at December 27, 2015, calculate the fixed asset turnover ratio for 2015. Required information [The following information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $200,000 cash. The land is estimated to represent 60 percent of the purchase price. The company paid $30,000 for building renovations before it was ready for use Required: 2. Prepare the journal entry to record all expenditures. Assume that all transactions were for cash and they occurred at the start of the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ! Required information [The following information applies to the questions displayed below.] Bridge City Consulting bought a building and the land on which it is located for $200,000 cash. The land is estimated to represent 60 percent of the purchase price. The company paid $30,000 for building renovations before it was ready for use. 3. Compute straight-line depreciation on the building at the end of one year, assuming an estimated 10-year useful life and a $23,000 estimated residual value. (Do not round intermediate calculations.) 4. What should be the book value of (a) the land and (b) the building at the end of year 2? 3 Straight-Line Depreciation 4(a) Land 4(b) Building Danube, Toggle, and ConnectOn rely on various intangible assets to operate their businesses. These companies amortize the cost of these assets using the straight-line method over the following average estimated useful lives in years), as reported in their 2015 annual reports. Type of Intangible Asset Developed Technology Trade Names Customer Relationships Danube 3.3 2.4 2.2 Toggle 10.0 4.7 6.3 Connecton 2.0 1.3 3.2 Assume each company spent $825,000 at the beginning of the current year for additional Developed Technology. Because of its proprietary nature, the technology is estimated to have no residual value at the end of its estimated life. Required: Calculate the impact (direction and amount) that the amortization of such expenditures would have on each company's Income from Operations in the current year. (Do not round intermediate calculations. Decreases should be indicated by a minus sign.) Company Effect on Income from Operations Danube Toggle ConnectOn Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on January 1 for a cash cost of $4,000. When purchased the patent had an estimated life of 10 years. b. A trademark was registered with the federal government for $8,500. Management estimated that the trademark could be worth as much as $210,000 because it has an indefinite life. c. Computer licensing rights were purchased this year on January 1 for $80,000. The rights are expected to have a five-year useful life to the company Required: 1. Compute the acquisition cost of each intangible asset. 2. Compute the amortization of each intangible for the current year ended December 31. 3. Show how these assets and any related expenses should be reported on the balance sheet and income statement for the current year