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Category > Accounting Posted 25 Sep 2017 My Price 7.00

Gissel Corporation

(Accounting for Goodwill) On July 1, 2012, Gissel Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable. At July 1, 2012, the balance sheet of Mills Company was as follows.

 

Cash

$ 50,000

Accounts payable

$200,000

Accounts receivable

90,000

Stockholders’ equity

235,000

Inventory

100,000

  

$435,000

Land

40,000

    

Buildings (net)

75,000

    

Equipment (net)

70,000

    

Copyrights

10,000

    
 

$435,000

    

 

The recorded amounts all approximate current values except for land (fair value of $80,000), inventory (fair value of $125,000), and copyrights (fair value of $15,000).

 

Instructions

 

(a) Prepare the July 1 entry for Gissel Corporation to record the purchase.

(b) Prepare the December 31 entry for Gissel Corporation to record amortization of intangibles. The copyright has an estimated useful life of 4 years with a residual value of $3,000

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Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 7.00

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