Write down goodwill Goodwill was a result of a combination of activities in 2019. After an analysis, the following information relating to goodwill was determined: Goodwill - $675000 Value in use $603,000 Fair value less cost to sell $580,000 There is no Excel tab for goodwill – you can add a tab to show your calculations. Find if there is any impairment or not. Intangible Assets During 2020, a trademark and a patent were purchased. The intangible assets are amortized on a straight-line method. To test for impairment, the following items were determined regarding the trademark: Value in use $110,000 FV less costs to sell $115,500 In the Excel spreadsheet, see the tab “Intangible Assets” to perform any necessary calculations (I have attached the picture of the excel sheet) Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

Write down goodwill Goodwill was a result of a combination of activities in 2019. After an analysis, the following information relating to goodwill was determined: Goodwill - $675000 Value in use $603,000 Fair value less cost to sell $580,000 There is no Excel tab for goodwill – you can add a tab to show your calculations. Find if there is any impairment or not. Intangible Assets During 2020, a trademark and a patent were purchased. The intangible assets are amortized on a straight-line method. To test for impairment, the following items were determined regarding the trademark: Value in use $110,000 FV less costs to sell $115,500 In the Excel spreadsheet, see the tab “Intangible Assets” to perform any necessary calculations (I have attached the picture of the excel sheet) Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter5: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 1MC: LO1 The purpose of depreciation is to (a) spread the cost of an asset over its useful life. (b) show...

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The amount to be included as intangible assets is *A. 345,000B. 490,000C. 410,000D. 350,000
SummaryThree key points presented of MRFS 138 Intangible asset
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Net intangible assets 2035 1,851,000 2034 970,000 The client provided further details regarding the intangible assets as follows: 2034 720,000 250,000 0 970,000 1 Customer list 2 Goodwill 3 Trademark XYZ Total net intangible assets 2035 1,100,000 237,500 513,500 1,851,000
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