Refer to question 24 above. 24d. Prepare the journal entry t…

Refer to question 24 above. 24d. Prepare the journal entry to record the impairment of the asset at December 31, 2019, assuming Pharoah ceased using the patent at the end of 2019 and intends to dispose of the patent in the coming year. Pharoah expects to incur a $11,600 cost of disposal. (If no entry is required, write “No Entry” for the account titles and enter 0 for the amounts.) Account Title Debit  Credit  [v1] [v3]  [v2] [v4]

Refer to question 24 above.  24b. Using the same assumption…

Refer to question 24 above.  24b. Using the same assumption as part (a) above, prepare the journal entry to record amortization expense for 2020 assuming the asset has a remaining useful life of 3 years at the beginning of 2020. (If no entry is required, write “No Entry” for the account titles and enter 0 for the amounts.) Account Title Debit  Credit  [v1] [v3]  [v2] [v4]

Gracie is awakened from a deep sleep by a sudden noise and r…

Gracie is awakened from a deep sleep by a sudden noise and realizes that someone has broken into her home.  Before she can dial 911 the perpetrator is in the bedroom and is pointing a gun at her head.  He tells to get undressed and then begins to describe what he plans for her ending with her death.  Gracie’s pet parakeet suddenly speaks from his cage in the corner of the room distracting him.  Knowing that she has only one chance, Gracie grabs the revolver she keeps under her pillow and shoots the offender.  Of the five fundamental principles which two are in direct conflict in this scenario?