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Glick Company purchased an oil reserve on July 1, Year 1 for $3,040,000. A total...

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Accounting

Glick Company purchased an oil reserve on July 1, Year 1 for $3,040,000. A total of 200,000 barrels of oil are expected to be extracted over the asset's life. During Year 1, 62,000 barrels are extracted and sold., The depletion charge for Year 1 would cause:

The balance sheet of Flo's Restaurant showed total assets of $580,000, liabilities of $192,000 and stockholders equity of $388,000. An appraiser estimated the fair value of the restaurant assets at $690,000. If Alice Company pays $945,000 cash for the restaurant the amount of goodwill acquired would be:

On January 1, Year 1, Stiller Company paid $168,000 to obtain a patent. Stiller expected to use the patent for 5 years before it became technologically obsolete. The remaining legal life of the patent was 8 years. Based on this information, the amount of amortization expense on the December 31, Year 3 income statement and the book value of the patent on the December 31, Year 3, balance sheet, respectively, would be:

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