Question

Intangibles: 1) Big Timber Inc acquires 5,000 acres of mature timberland for $14,000,000 in 2019. After harvesting, the land is anticipated to have a fair market value of $1,500,000. In 2019, Big Timber harvests 800 acres and sales the timber from 350 acres for $1,100,000, Record the purchase and all subsequent transactions. What is the gross profit percentage on the product that was sold? 2) I Buy Companies acquired a competitor for a purchase price in excess of the FMV of the individual assets. It recorded goodwill of $5,000,000. I Buy plans to sell this company is 5 years. Record the current year's goodwill amortization / expense. 3) Record the entry by Drug Co. for $3,500,000 research and development of a drug that makes all students accounting experts.

          Intangibles:
1) Big Timber Inc acquires 5,000 acres of mature timberland for $14,000,000 in 2019. After
harvesting, the land is anticipated to have a fair market value of $1,500,000. In 2019, Big
Timber harvests 800 acres and sales the timber from 350 acres for $1,100,000,
Record the purchase and all subsequent transactions. What is the gross profit percentage on
the product that was sold?
2) I Buy Companies acquired a competitor for a purchase price in excess of the FMV of the
individual assets. It recorded goodwill of $5,000,000. I Buy plans to sell this company is 5
years. Record the current year's goodwill amortization / expense.
3) Record the entry by Drug Co. for $3,500,000 research and development of a drug that makes
all students accounting experts.

Intangibles:
1) Big Timber Inc acquires 5,000 acres of mature timberland for 14,000,000 in 2019. After
harvesting, the land is anticipated to have a fair market value of1,500,000. In 2019, Big
Timber harvests 800 acres and sales the timber from 350 acres for 1,100,000,
Record the purchase and all subsequent transactions. What is the gross profit percentage on
the product that was sold?
2) I Buy Companies acquired a competitor for a purchase price in excess of the FMV of the
individual assets. It recorded goodwill of5,000,000. I Buy plans to sell this company is 5
years. Record the current year's goodwill amortization / expense.
3) Record the entry by Drug Co. for 3,500,000 research and development of a drug that makes
all students accounting experts.

Added by Craig C.

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