Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
May 1 Purchased for $90,000 a patent with an estimated useful life of 5 years and a legal life of 20 years

  1. 👍 0
  2. 👎 0
  3. 👁 362
asked by stacey
  1. And the question is? If you tried to "cut and paste" it won't work here so you'll need to type the rest out.


    1. 👍 0
    2. 👎 0
  2. jan 1 purchased a small company and recorded goodwill of $170,000.its useful life is indefinite.
    may 1 Purchased for $90,000 a patent with an estimated useful life of 5 years and a legal life

    1. 👍 0
    2. 👎 0
    posted by Roman

Respond to this Question

First Name

Your Response

Similar Questions

  1. Accounting

    On Jan.1, Pedigo Corporation purchased a small company and recorded goodwill of $150,000. its useful life is indefinite. may 1- purchased for 475,000 a patent with an estimated useful life of 5 years and a legal life of 20

    asked by Etta on November 8, 2014
  2. accounting

    1-On May 1, 2012, Pinkley Company sells office furniture for $150,000 cash. The office furniture originally cost $375,000 when purchased on January 1, 2005. Depreciation is recorded by the straight-line method over 10 years with a

    asked by miley on February 25, 2013
  3. accounting

    Analyze and record, in the form of T Accounts, Mr. James' transactions: Jan 1: Amount invested in the business $10,000 Jan 7: Bought equipment for $500 Jan 9: Bought office furniture with $2,000 cash Jan 10: Bought materials with

    asked by Melissa on November 6, 2012
  4. Advanced Accounting

    Estimated and Actual Goodwill Passion Company is trying to decide whether or not to acquire Desiree Inc. The following balance sheet for Desiree Inc. provides information about book values. Estimated market values are also listed,

    asked by Tina on April 11, 2010
  5. Accounting

    1/2/15 Purchased patent (6-year life) $521,580 4/1/15 Goodwill purchased (indefinite life) 395,170 7/1/15 14-year franchise; expiration date 7/1/2025 519,400 9/1/15 Research and development costs 169,890 Prepare the necessary

    asked by Anonymous on April 6, 2015
  6. Finance, Economics

    A small vessel (this means 10 year life) was purchased by a chemical company for $55,000 and is to be depreciated by MACRS depreciation. When its requirements changed suddenly, the chemical company leased the vessel to an oil

    asked by Katy Marshall on May 12, 2011
  7. Financial Accounting

    Prepare the general journal entries for the following transactions: Jan 2, 2011 -- Purchased land with a building on it for $750,000. The land is worth $300,000. Paid $150,000 cash down and signed a mortgage payable for the

    asked by Diane on February 16, 2012
  8. accounting

    Andy Wright, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $875 of such

    asked by Ben on January 30, 2008
  9. accounting

    The following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased

    asked by Bobbi on January 12, 2011
  10. college accouting REALLY IMPORTANT PLEASE HELP =/

    On Jan 1, 2009 the following activitis occurred: a) ICDI, a consulting services company, was orgainized and issed 10,000 shares of capita stock in exchange for $500,000 cash. b)UCDI entered into an agreement with a landlord and

    asked by Bel on October 7, 2009

More Similar Questions