NEED BOTH QUESTIONS ANSWERED Question 4: Prepare journal entries


Question Description:

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NEED BOTH QUESTIONS ANSWERED Question 4: Prepare journal entries for 2016 for the following independent situations. Assume each organization has a December 31st year end. Keepers Inc. purchases a patent for $225,000 on January 1st. Keepers estimates this patent to have a 5 year useful life. Blue Bat Corporation purchases one of their main competitors on March 31. Blue Bat paid $160,000 for this purchase which included assets of $120,000 and liabilities of $10,000. The goodwill is believed to have an indefinite benefit.

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