Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 01 Aug 2017 My Price 4.00

Gissel Corporation

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.


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.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Aug 2017 03:08 PM My Price 4.00

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