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Allisa [31]
3 years ago
8

Problem 9-6A Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets

were improperly recorded by Culver Corporation. 1. Culver developed a new manufacturing process, incurring research and development costs of $197,900. The company also purchased a patent for $46,800. In early January, Culver capitalized $244,700 as the cost of the patents. Patent amortization expense of $12,235 was recorded based on a 20-year useful life. 2. On July 1, 2017, Culver purchased a small company and as a result recorded goodwill of $92,000. Culver recorded a half-year’s amortization in 2017, based on a 20-year life ($2,300 amortization). The goodwill has an indefinite life. Prepare all journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017
Business
1 answer:
zheka24 [161]3 years ago
3 0

Answer and Explanation:

The Journal entries are shown below:-

1. a. Research and Development Expenses Dr, $197,900

          To Patents $197,900

(To record R and D cost)

b. Patent Dr, $9,895 ($197,900 ÷ 20)

          To Amortization expenses-Patents $9,895

(To record the correct error)

or

Accumulated Amortization-Patent Dr, $9,895

         To Amortization expenses-Patents $9,895

2. Goodwill Dr, $3,000

         To Amortization Expenses $3,000

(Being Goodwill is recorded)

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When the economy is doing well, the financial market is additionally certain to have best. Whether or not the economy is declining, the financial market can still do best. A pecuniary resource increase will tend to lift the worth level within the future. A finances increase can also increase national output.

A funds increase will raise the economy worth level more and national output less the lower the per centum of labor and capital is. A rise within the pecuniary resource level in an economy within the short run translates to a decline in charge per unit. the autumn within the rate further causes an increase in investment because of borrowing costs.

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6 0
2 years ago
Alan was being interviewed for the position of business analyst at Amberg Solutions Inc. Susan, the interviewer, looked at him a
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Answer:

(C) visual kinesic communication

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8 0
3 years ago
Read 2 more answers
An article in the Wall Street Journal discussed the views of Canadian Minister of Finance Joe Oliver on the effect of falling oi
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Answer: Oliver expects the prices of oil to increase soon.

Explanation:

Based on the article, there has been a reduction in the price of oil which was as a result of rising production and weaker demand of oil in Asia and Europe. Even though the decrease in oil prices has advantages. Some advantages as highlighted by Oliver include increase in consumption, increase in savings, decrease in energy costs for firms, Oliver still expects oil prices to move above its current level.

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4 years ago
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Answer:

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b        

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I hope these helps, please give brainliest if it does.

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