Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Teal Mountain GolfInc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts.)Account Titles and ExplanationTEAL MOUNTAIN GOLF INC.Intangibles Section of Balance SheetDebit$Credit Teal Mountain Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Masterprovides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golfequipment and accessory stores. Magilke paid $780,000 cash for Old Master. At the time, Old Master's balance sheet reported assetsof $630,000 and liabilities of $190,000 (thus owners' equity was $440,000). The fair value of Old Master's assets is estimated to be$810,000. Included in the assets is the Old Master trade name with a fair value of $6,000 and a copyright on some instructional bookswith a fair value of $19,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. Thecopyright has a remaining life of 40 years.(a)Your answer is correct.Prepare the intangible assets section of Teal Mountain Golf Inc. at December 31, 2019.Trade NamesCopyrightsGoodwillTotal Intangible AssetsTEAL MOUNTAIN GOLF INC.Intangibles Section of Balance SheetDecember 31, 2019600018960160000184960

Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Teal Mountai Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically in when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Teal Mountai Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically in when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.
View Policies Show Attempt History Current Attempt in Progress On January 1, 2020, Teal Company sold 11% bonds having a maturity value of $500.000 for $ 518.953, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020. and mature January 1. 2025, with interest payable December 31 of each year. Teal Company allocates interest and unamortized discount or premium on the effective interest basis.
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dont uplode any image in answer Prepare the appropriate journal entries for the capitalization of the asset and the annual amortization. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
Ivanhoe Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $53,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 7%; Ivanhoe's incremental borrowing rate is 9%. Ivanhoe is unaware of the rate being used by the lessor. At the end of the lease, Ivanhoe has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Ivanhoe uses the straight-line method of depreciation on similar owned equipment. (a) Your answer is correct. Prepare the journal entries, that Ivanhoe should record on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round…
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