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Category > Accounting Posted 20 Aug 2017 My Price 7.00

Amortization and depletion entries

PR 9-6b Amortization and depletion entries

 

Data related to the acquisition of timber  rights  and  intangible  assets  during  the  current year  ended  December  31  are  as  follows:

 

a.     On December 31, the company determined that $3,400,000 of goodwill was impaired.

 

b.     Governmental and legal costs of $4,800,000 were incurred on September 30 in obtain- ing a patent with an estimated economic life of eight years. Amortization is to be for one-fourth year.

 

c.     Timber rights on a tract of land were purchased for $2,975,000 on February 4. The stand of timber is estimated at 12,500,000 board feet. During the current year, 4,150,000 board feet of timber were cut and sold.

Instructions

1.     Determine the amount of the amortization, depletion, or impairment for the current year for each of the foregoing items.

 

2.     Journalize the adjusting entries to record the amortization, depletion, or impairment for each item.

 

Answers

Maurice Tutor
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Status NEW Posted 20 Aug 2017 07:08 PM My Price 7.00

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