View Policies Current Attempt in Progress Windsor Golf and Sports was formed on July 1, 2020, when Steve Powerdriver purchased Old Master Golf Corporation. Old Master provides video golf instruction at kiosks in shopping malls. Powerdriver's plan is to make the instruction business part of his golf equipment and accessory stores. Powerdriver paid $650,000 cash for Old Master. At the time of purchase, Old Master's statement of financial position reported assets of $570,000 and liabilities of $100,000 (shareholders' equity was $470,000). The fair value of Old Master's identifiable assets was estimated to be $700,000. Included in the identifiable assets was the Old Master trade name with a fair value of $25,000 and a copyright on some instructional books with a fair value of $36,000. The trade name had a remaining legal life of five years and can be renewed indefinitely at nominal cost. The copyright had a remaining life of 40 years. Assume that Windsor Golf and Sports is a private company reporting under ASPE. Prepare the intangible assets section of Windsor Golf and Sports at December 31, 2020. (Round answers to decimal places, eg. 5,275.) Windsor Golf and Sports INTANGIBLES AND GOODWILL SECTION OF PTATEA FI AFFILIAALCIAL NARIVIALE Prepare the intangible assets section of Windsor Golf and Sports at December 31, 2020. (Round answers to decimal place 5,275.) Windsor Golf and Sports INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION December 31, 2020 Intangible Assets - Trade Names $ Intangible Assets. Copyrights Goodwill How much amortization expense is included in Windsor's income for the year ended December 31, 2020? (Round answert decimal places, eg. 5,275.) Amortization expense $ e Textbook and Media List of Accounts Prepare the journal entry to record the amortization expense for 2021. (Credit account titles are automatically indented amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the a Debit Credit Account Titles and Explanation Amortization Expense Accumulated Amortization - Copyrights Prepare the intangible assets section of Windsor Golf and Sports at December 31, 2021. (No impairment needs to in 2021.) (Round answers to decimal places, eg. 5,275.) Windsor Golf and Sports INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION December 31, 2021 Intangible Assets - Trade Names Intangible Assets - Copyrights Goodwill At the end of 2022, Powerdriver is evaluating the results of the instructional business. Due to fierce competition from Inter sites and television, the Old Master reporting unit has been losing money and has a carrying amount (including goodwill) of $470,000 and fair value (including goodwill) of $447,000. Powerdriver has collected the following information about the company's intangible assets: Expected Cash Flows Intangible Asset (Undiscounted) Fair Value Trade name $21,000 $18,000 Copyright 41,000 36,000 Prepare the required journal entries, if any, to record impairment on Windsor's intangible assets. (Assume that amortization fc 2022 has been recorded.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Account Titles and Explanation Loss on Impairment Credit Accumulated Impairment Losses Goodwill Prepare the required journal entries, if any, to record impairment on Windsor's intangible assets. (Assume that amo 2022 has been recorded.) (Credit account titles are automatically indented when the amount is entered. Do not indent me Debit Credit Account Titles and Explanation Loss on Impairment Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Trade Names e Textbook and Media List of Accounts
