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On April 1, 2025, Aerоplus Cоrpоrаtion purchаsed Johnson Compаny by paying $225,000 cash and issuing a $25,000 note payable to Steve Johnson. At April 1, 2025, the balance sheet of Johnson Company was as follows: Cash $42,350 Liabilities $176,000 Receivables 73,150 Stockholders' equity 182,875 Inventory 82,500 Total $358,875 Land 33,000 Buildings, net 61,875 Equipment, net 57,750 Patents 8,250 Total $358,875 Aeroplus investigated Johnson Company’s underlying assets and liabilities and determined the following fair values: Fair Values Cash $42,350 Receivables 73,150 Inventory 92,125 Land 38,500 Buildings, net 68,000 Equipment, net 63,500 Patents 13,475 Liabilities (176,000) Fair value of net assets $215,100 Instructions: Prepare the April 1 entry for Aeroplus Corporation to record the purchase. Prepare the December 31 entry for Aeroplus Corporation to record amortization of any intangible assets. The patents have an estimated useful life of 5 years with a residual value of $1,500. The legal life remaining on the patent is 10 years. The company amortizes intangible assets using the straight-line method.