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If the month-end bank statement shows a balance of $198,000,…

If the month-end bank statement shows a balance of $198,000, outstanding checks are $84,000, a deposit of $16,000 was in transit at month end, and a check for $2,100 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is

The following information relates to a patent owned by Scott…

The following information relates to a patent owned by Scott Company: Cost  $      2,874,000 Carrying amount  $      1,532,000 Expected future net cash flow  $      1,496,000 Fair value  $      1,045,000 Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019, assuming Scott will continue to use the asset in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Round to the nearest dollar. Do NOT use a dollar sign in your answer.) Account Titles and Explanation   DR ($) CR ($) [DrT]      [DR]       [CrT]       [CR]   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 4 years at the beginning of 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Round to the nearest dollar. Do NOT use a dollar sign in your answer.) Account Titles and Explanation   DR ($) CR ($) [DrTb]         [DRb]       [CrTb]        [CRb]   Using the same assumption as part (a) above, prepare the journal entry (if any) at December 31, 2020, assuming the fair value of the asset has increased to $1,248,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Round to the nearest dollar. Do NOT use a dollar sign in your answer.) Account Titles and Explanation   DR ($) CR ($) [DrTc]          [DRc]       [CrTc]       [CRc]   Prepare the journal entry (if any) 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 $11,600 cost of disposal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Round to the nearest dollar. Do NOT use a dollar sign in your answer.) Account Titles and Explanation   DR ($) CR ($) [DrTd]          [DRd]       [CrTd]        [CRd]

Deer Co. reported its expenses of $35,200 on the cash basis….

Deer Co. reported its expenses of $35,200 on the cash basis. Corporate records revealed the following information: Beginning prepaid expense  $      1,300 Beginning accrued expense  $      1,650 Ending prepaid expense  $      1,800 Ending accrued expense  $      1,200 What amount of expense should the Deer report on its books under the accrual basis?