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U1 Chap 10 Problems - Heather Bolduc Unit 1 Chapter 10...

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Heather Bolduc Unit 1 Chapter 10 Problems If you want the formulas and any calculations, select the corresponding cell and press F2(Function Key on key board), It will show all calculations and formulas Automatically Problem 10-4 The Hostmeyer Corporation commenced operations early in 2011. A number of expenditures were made during 2011 that were debited to one account called intangible assets. A recap of the $644,000 balance in this account at the end of 2011 is as follows: Date Transaction Amount 2/3/2011 State incorporation fees and legal costs rlated to organizing the corporation $7,000 3/1/2011 Fire insurance premium for three-year period $6,000 3/15/2011 Purchased a copyright $20,000 4/30/2011 Research and development costs $40,000 6/15/2011 Legal fees for filing a patent on a new product resulting from an R&D project $3,000 9/30/2011 Legal fee for successful defense of patent developed above $12,000 1/13/2011 Enteres into a 10-year franchise agreement with franchisor $40,000 Various Advertising costs $16,000 11/30/2011 Purchase of all of the outstanding common stock of Stiltz Corp. $500,000 Total $644,000 The toal purchase price of the Stiltz Corp. stock was debited to this account the fair values of Stiltz Corp.'s
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