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Posted: **Tue Jul 05, 2022 11:25 am**

: Crane Enterprises Purchased Equipment On March 15 2021 For 81 030 The Company Also Paid The Following Amounts 550 1 (18.08 KiB) Viewed 10 times

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: Crane Enterprises Purchased Equipment On March 15 2021 For 81 030 The Company Also Paid The Following Amounts 550 2 (8.06 KiB) Viewed 10 times

: Crane Enterprises Purchased Equipment On March 15 2021 For 81 030 The Company Also Paid The Following Amounts 550 3 (18.13 KiB) Viewed 10 times

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: Crane Enterprises Purchased Equipment On March 15 2021 For 81 030 The Company Also Paid The Following Amounts 550 4 (21.9 KiB) Viewed 10 times

: Crane Enterprises Purchased Equipment On March 15 2021 For 81 030 The Company Also Paid The Following Amounts 550 5 (32.29 KiB) Viewed 10 times

Crane Enterprises purchased equipment on March 15, 2021, for $81.030. The company also paid the following amounts: $550 for freight charges: $219 for insurance while the equipment was in transit: $1,690 for a one-year insurance policy: $2,012 to train employees to use the new equipment; and $2.521 for testing and installation. The company began to use the equipment on April 1. Crane has estimated the equipment will have a 10-year useful life with no residual value. It expects to consume the equipment's future economic benefits evenly over the useful life. The company has a December 31 year end. (a) Calculate the cost of the equipment. Cost of the equipment $
Novak Corp. purchased a boardroom table for $16,000. The company planned to keep it for four years, after which it was expected to be sold for $2,000.
( Calculate the depreciation expense for each of the first three years under the straight-line method and the double-diminishing- balance method, assuming the table was purchased early in the first month of the first year. (1) Straight-line method. Year 11 Year 2 Year 3 Year 1 Year 2 $ (2) Double-diminishing-balance method. Year 3 $ $ $ $ $
Pharoah Corporation has the following selected transactions during the year ended December 31, 2021: Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $128,160 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Acquired a franchise with a contract period of nine years for $548,910; the expiration date is March 1, 2030. Paid cash of $41,980 and borrowed the remainder from the bank. Purchased a trademark for $74,360 cash. As the purchase was being finalized. spent $36,630 cash in legal fees to successfully defend the trademark in court.
Prepare the entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date (To record purchase of trademark) (To record costs incurred to defend trademark) Debit 11 Credit