The following are selected 2019 transactions of Bramble Corporation. Jan. 1 Purchased a small company and recorded goodwill of $177,000. Its useful life is inderinite. May 1 Purchased for $144,000 a patent with an estimated useful life of 6 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Dt no entry is reguired Select "No entry-for the account titles and enter 0 for the amounts·? dit account titles are automaticary indented when amount is entered. Do not Indent manually) Date Account Tties and Explanatlion Debit Credit Dec. 31 To record goodwill amortisation) Dec. 31 To record patent amortisation)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The following are selected 2019 transactions of Bramble Corporation. Jan. 1 Purchased a small company and recorded goodwill of $177,000. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A client in the 28 percent marginal tax bracket is comparing a municipal bond that offers a 5.4 percent yield to maturity and a similar risk corporate bond that offers a 7.15 percent yield. Which bond will give the client more profit after taxes
Answers (1)
Match the departments with task that they perform in the fulfillment process. Sales Accounting Warehouse A. Prepares and sends the shipment B. Prepares and sends the quotation C. Prepares and sends the invoice
Answers (1)
How old do you have to be to open a checking account?
Answers (1)
Management of a company threatens to close a manufacturing plant in the company whose employees are resisting an across-the-board pay cut. But this threat is actually untrue.
Answers (1)
Balance sheet and income statement data indicate the following: Bonds payable, 6% (this is year 4 of 20 years) $1,200,000 Income before income tax for year 340,000 Income tax for year 80,000 Interest payable 9,000 Interest receivable 26,000 Based on
Answers (1)
New Questions in Business
If the economy is in decline, and the Federal Reserve wants to encourage banks to lend to consumers, which step will the Fed likely take? a. Encourage the sale of government securities. b. Decrease the discount rate. c.
Answers (2)
What is required for a patent? A. A trade secret. B. Not trademarked C. It should be useful, novel and not unique. D. It must be useful, novel and not obvious.
Answers (1)
Causal forecasting methods are used when: a. historical data is available and there is a relationship between the item to be forecasted and some other factor (such as advertising expenditure or sales of another product). b.
Answers (1)
What is the best way to finance your own business?
Answers (1)
Blue Space Corporation launches exploratory space flights to the moon and Mars. The purpose is to discover and retrieve minerals and other resources. Under U. S. Law, Blue Space a. must share with all interested parties what it retrieves in space. b.
Answers (1)