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Category > Management Posted 10 Jul 2017 My Price 12.00

Brandon Corporation

On July 1, 2010, Brandon Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable to Steve Mills. At July 1, 2010, the balance sheet of Mills Company was as follows: Cash $50,000 Accounts Payable $200,000 Accounts Receivable 90,000 Stockholder's equity 235,000 Inventory 100,000 Land 40,000 Building (net) 75,000 Equipment (net) 70,000 Trademarks 10,000 $435,000 $435,000 The recorded amounts all approximate current values except for land (fair value of $80,000), inventory (fair value of $125,000), and trademarks (fair value of $15,000). (a) Prepare the July 1 entry for Brandon Corporation to record the purchase. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. If the amounts are the same, list in alphabetical order.) (b) Prepare the December 31 entry for Brandon Corporation to record amortization of intangibles. The trademark has an estimated useful life of 4 years with a residual value of $3,000.On July 1, 2010, Brandon Corporation purchased Mills Company by paying $250,000 cash and issuing a $150,000 note payable to Steve Mills. At July 1, 2010, the balance sheet of Mills Company was as follows:

Cash $50,000 Accounts Payable $200,000
Accounts Receivable 90,000 Stockholder's equity 235,000
Inventory 100,000
Land 40,000
Building (net) 75,000
Equipment (net) 70,000
Trademarks

10,000




$435,000


$435,000

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

(a) Prepare the July 1 entry for Brandon Corporation to record the purchase. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. If the amounts are the same, list in alphabetical order.)

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

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Jul 2017 09:07 AM My Price 12.00

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