Report long-lived assets on the statement of cash flows
1) Prepare adjusting journal entries dated December 31 of the current year for the following independent situations.
a.Hops Corporation acquired several patents on March 1 of the current year for a total price of $48,000. The patents have an estimated remaining legal life of 15 years and an estimated useful, economic life of 8 years.
b.Goodwill amounting to $180,000 was purchased in a company acquisition on July 1 of the current year. The goodwill is believed to have an indefinite benefit.
2) Prepare journal entries for 2011 for the following independent situations. Assume each organization has a December 31 year end.
a.Keepers Inc. purchases a patent for $225,000 on January 1st. Keepers estimates this patent to have a 5 year useful life.
b.Blue Bat Corporation purchases one of their main competitors on March 31, 2011. Blue Bat paid $160,000 for this purchase which included
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