(TCO 2) An exclusive 20-year right to manufacture a product or use a process is a:
Student Answer:
Patent
Copyright
Trademark
Franchise
2.
Question :
(TCO 2) Lake Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were:
The journal entry to record this acquisition would include a:
Student Answer:
Debit to Cash in the amount of $875,000
Credit to Cash in the amount of $950,000
Debit to Goodwill in the amount of $350,000
Debit to liabilities in the amount of $175,000
Hi there! Get instant help with.Without paying anything upfront.
Disclaimer: The services provided are meant to assist the buyer by providing a guideline and the product provided is intended to be used for research or study purposes.