Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Teal Mountain GolfInc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.)Account Titles and ExplanationTEAL MOUNTAIN GOLF INC.Intangibles Section of Balance SheetDebit$Credit Teal Mountain Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Masterprovides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golfequipment and accessory stores. Magilke paid $780,000 cash for Old Master. At the time, Old Master's balance sheet reported assetsof $630,000 and liabilities of $190,000 (thus owners' equity was $440,000). The fair value of Old Master's assets is estimated to be$810,000. Included in the assets is the Old Master trade name with a fair value of $6,000 and a copyright on some instructional bookswith a fair value of $19,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. Thecopyright has a remaining life of 40 years.(a)Your answer is correct.Prepare the intangible assets section of Teal Mountain Golf Inc. at December 31, 2019.Trade NamesCopyrightsGoodwillTotal Intangible AssetsTEAL MOUNTAIN GOLF INC.Intangibles Section of Balance SheetDecember 31, 2019600018960160000184960

Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Teal Mountai Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically in when 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.) Account Titles and Explanation Debit Credit

Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Teal Mountai Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically in when 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.) Account Titles and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 17P: On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and...

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For each of the following situations, indicate the effect on assets, net income, andretained earnings at December 31, 2020 and 2021 as follows:• O if the financial statement element is overstated.• U if the financial statement element is understated.• NE if there is no effect on the financial statements.Provide a brief explanation.Note: please present in a table form A machine with a 15-year useful life was expensed when purchased in 2020.e) Did not accrue interest expense on a note payable at Dec 31 2020. Interestexpensed when paid in 2021.
On January 2, 2021, Teal Mountain Company purchased a patent for $47,800. The patent has an estimated useful life of 25 years and a 20-year legal life.What entry would the company make at December 31, 2021 to record amortization expense on the patent? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
On June 30, 2010, Musk and Associates borrows money from a local bank, repayable in full on June 30, 2020. For the Balance Sheet dated December 31, 2019, how should the loan be classified? Long-term asset. Current liability. Current asset. None of the answers are correct. Long-term liability.
Prepare the entries to reallocate the proper balances into the Land, Buildings, and Accumulated Depreciation accounts at December 31, 2020. Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To record correction forinitial entries of transactions) Dec. 31, 2020…
During 2019, Ryel Company’s controller asked you to prepare correcting journal entries for the following three situations:Prepare any necessary correcting journal entries for each situation. Also prepare the journal entry necessary for each situation to record depreciation expense for 2019.
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On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
Bravo Company purchased a two-year insurance policy on August 1, 2021 for P28,800. Using an asset method, the reversing entry shall entail? a. A debit to prepaid insurance of P6,000 b. A debit to insurance expense of P6,00 c. A debit to insurance expense of P22,800 d. A credit to insurance expense of P22,800. e. the answer is not given
Required: Indicate the effects of the following on the accounting equation. (Enter decreases to account categories as negative amounts and do not round your intermediate calculations.) 1. The adjustment for depreciation at the end of 2019. 2. The two expenditures during 2020 for (a) the major overhaul of the equipment and (b) repairs and maintenance.
During 2021, a $50,000 loss on the sale of machinery was incorrectly recorded as a factory equipment repair. The error was not discovered until the books were closed and the financial statements were issued for 2022. What adjustment is necessary? Group of answer choices No adjustment is necessary to books or financial statements. Make no entry, but if $50,000 is a material amount, retrospectively adjust the 2021 comparative income statement. Since only income statement accounts are affected, make no entry to the books but recall the 2021 income statement. Record a correction to the books for 2021 and 2022 and recall prior financial statements