A. Manam Co. purchased a Trademark for $ 160,000 on October 1, 2020. The Trademark is legally used for 10-year period. Required: Prepare the journal entry to record the amortization expense on Dec. 31, 2020 B. On January 1, 2018, Zallaq Trading Co. acquired a truck costing $850,000. Zallaq uses the straight-line method to depreciate the truck with an estimated salvage value of $50,000 and an estimated useful life of 20 years, On July 1, 2020, Zallag sold the truck for $ 720,000 cash. Required: Prepare journal entries to record: 1. The partial year's depreciation (the update) on July 1, 2020. 2. The sale of the truck on July 1, 2020. YOUR ANSWER SHOULD BÉ IN THE FOLLOWING FORM; DO NOT USE " BETWEEN NUMBERS: Dr. Cash 10000 Cr. Land 10000

A. Manam Co. purchased a Trademark for $ 160,000 on October 1, 2020. The Trademark is legally used for 10-year period. Required: Prepare the journal entry to record the amortization expense on Dec. 31, 2020 B. On January 1, 2018, Zallaq Trading Co. acquired a truck costing $850,000. Zallaq uses the straight-line method to depreciate the truck with an estimated salvage value of $50,000 and an estimated useful life of 20 years, On July 1, 2020, Zallag sold the truck for $ 720,000 cash. Required: Prepare journal entries to record: 1. The partial year's depreciation (the update) on July 1, 2020. 2. The sale of the truck on July 1, 2020. YOUR ANSWER SHOULD BÉ IN THE FOLLOWING FORM; DO NOT USE " BETWEEN NUMBERS: Dr. Cash 10000 Cr. Land 10000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 11P

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