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Delvig [45]
3 years ago
10

Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 10 more years. The com

pany plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31.
Business
1 answer:
alex41 [277]3 years ago
6 0

Answer:

Explanation:

The journal entries are shown below:

On January 1

Copyright A/c Dr $420,000

        To Cash A/c $420,000

(Being copyright is purchased)

On December 31

Amortization A/c Dr $42,000

          To Accumulated amortization A/c $42,000

(Being annual amortization is recorded)

The computation is shown below:

= Purchase value of copyright ÷  number of goods years

= $420,000 ÷ 10 years

= $42,000

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goblinko [34]

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B. Discrimination

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3 years ago
Raising Bulls, Inc., has current assets of $5,100, net fixed assets of $23,800, current liabilities (payables and accruals) of $
Elenna [48]

Answer:

<em>Total Shareholders’ Equity</em>

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Total Shareholders’ Equity = <u><em>$17,200</em></u>

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8 0
3 years ago
Beasley Company currently sells its products for​ $30 per unit. Management is contemplating a​ 10% increase in the selling price
Ray Of Light [21]

Answer:

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Variable cost per unit (next year) = 30 * 40 % = $12

Contribution per unit (next year) = Selling price per unit (next year) - Variable cost per unit (next year) = 33 - 12  = $21

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3 years ago
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