Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a) on june 30,2024,baez completed the acquisition

A) On June 30,2024,baez completed the acquisition of Johnstone corporation for 1,520.000 in cash. The...

70.2K

Verified Solution

Question

Accounting

A) On June 30,2024,baez completed the acquisition of Johnstone corporation for 1,520.000 in cash. The fair value of the net identifiable assets of Johnstone was 1,300.000.(B)Included in the assets purchased from Johnstone was a patent that was valued at 67,200. The remaining legal life of the patent was 13 years but baez believes that the patent will only be useful for another 8 years.(C) baez acquired a franchise on october 1,2024 by paying an initial franchise fee of 168.000. The contractual life of the franchise is 10 years.[1] Prepare year end adjusting journal entries to record straight line amortization expense of the intangibles at december 31,2024.[2]prepare the intangibles asset section of december 31,2024 balance sheet.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students