- On January 1 2019 Pharoah Corporation Acquired A Small Mine For 35 Million Along With Equipment Costing 8 Million M 1 (16.32 KiB) Viewed 12 times
- On January 1 2019 Pharoah Corporation Acquired A Small Mine For 35 Million Along With Equipment Costing 8 Million M 2 (6.83 KiB) Viewed 12 times
- On January 1 2019 Pharoah Corporation Acquired A Small Mine For 35 Million Along With Equipment Costing 8 Million M 3 (45.93 KiB) Viewed 12 times
- On January 1 2019 Pharoah Corporation Acquired A Small Mine For 35 Million Along With Equipment Costing 8 Million M 4 (26.15 KiB) Viewed 12 times
- On January 1 2019 Pharoah Corporation Acquired A Small Mine For 35 Million Along With Equipment Costing 8 Million M 5 (44.52 KiB) Viewed 12 times
- On January 1 2019 Pharoah Corporation Acquired A Small Mine For 35 Million Along With Equipment Costing 8 Million M 6 (27.91 KiB) Viewed 12 times
- On January 1 2019 Pharoah Corporation Acquired A Small Mine For 35 Million Along With Equipment Costing 8 Million M 7 (11.78 KiB) Viewed 12 times
What is the depreciation expense for January 1, 2021, to October 31,2021 for the remaining equipment? Depreciation expense
At January 1, 2021, Vianorse Limited reported the following property, plant, and equipment accounts: Accumulated depreciation-buildings Accumulated depreciation-equipment Buildings Equipment Land Apr. 1 The company uses straight-line depreciation for buildings and equipment, its year end is December 31, and it makes adjusting entries annually. The buildings are estimated to have a 40-year useful life and no residual value; the equipment is estimated to have a 10-year useful life and no residual value. During 2021, the following selected transactions occurred: May 1 June 1 July 1 Dec. 31 $62,600,000 52,500,000 102,700,000 144,500,000 18,600,000 31 3.26/5⠀ Purchased land for $4,710,000. Paid $1,160,000 cash and issued a three-year, 6% mortgage payable for the balance. Interest on the mortgage is payable annually each April 1. Sold equipment for $280,000 cash. The equipment cost $2,680,800 when originally purchased on January 1, 2013. Sold land for $3,310,600. Received $814,600 cash and accepted a three-year, 5% note for the balance. The land cost $1,400,000 when purchased on June 1, 2015. Interest on the note is due annually each June 1. Purchased equipment for $2,100,000 cash. Retired equipment that cost $900,000 when purchased on January 1, 2012. No proceeds were received. Tested land for impairment and found that its fair value was $18,600,000.
Prepare the property, plant, and equipment section of the company's statement of financial position at December 31. (List Property, Plant and Equipment in order of Land, Building and Equipment.) WILDHORSE LIMITED Statement of Financial Position (Partial) Assets
The intangible assets and goodwill reported by Oriole Corporation at December 31, 2020, follow: Copyrights (#1) Less: Accumulated amortization Trademarks Goodwill Total Jan. July Sept. A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021: Oct. Dec. 1 $36,600 18,300 1 $ 18,300 50,110 122,680 $191,090 5 Paid $6,780 in legal costs to successfully defend the trademarks against infringement by another company. Developed a new product, incurring $220.250 in research and $52,400 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. 31 5 i Paid $55,050 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Acquired. copyright (#2) for $162,000. The new copyright has a useful life of years. Determined the fair value of the goodwill to be $86,260. There was no indication that the copyrights or trademarks were impaired. ..
Prepare any adjusting journal entries required at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record amortization on copyrights acquired on January 1, 2019) (To record amortization on copyrights acquired on October 1, 2021) Debit Credit
Dec. 31 Dec. 31 (To record amortization expense on development cost) II