(b)
Prepare journal entries to record the 2023 amortization expense. |
Date | Description | Debit $ | Credit $ |
31-Dec | Amortization Expense: Patents | $ 13,657.00 | |
Accumulated Amortization: Patents | $ 13,657.00 | ||
(79900/10=7990) | |||
(36000/9 = 4000) | |||
30000/9 * 6/12 months =1667 | |||
Amortization Expense=7990+4000+1667 = 13657 | |||
31-Dec | Amortization Expense: Copyrights | $ 6,335.00 | |
Accumulated Amortization: Copyrights | $ 6,335.00 | ||
(53000/10 =5300) | |||
(207000/50*3/12 months = 1035 ) | |||
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here....
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here. Patents ($71,800 cost less $7,180 amortization) $63,400 Copyrights ($50,500 cost less $39,400 amortization) 11,100 $74,500 Total The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan Paid $45,000 legal costs to...
The intangible assets section of Blue Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($73,200 cost less $7,400 amortization) $65,800 Copyrights ($37,000 cost less $24,500 amortization) 12,500 Total $78,300 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $36,000 legal costs...
The intangible assets section of Marigold Corporation's balance sheet at December 31, 2022, is presented here. Patents ($71,800 cost less $7,180 amortization) Copyrights ($50,500 cost less $39,400 amortization) Total $63,400 11,100 $74,500 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $45,000 legal costs...
The intangible assets section of Ayayai Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($70,000 cost less $6,000 amortization) $64,000 Copyrights ($36,000 cost less $26,000 amortization) 10,000 Total $74,000 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $27,000 legal costs...
Problem 9-05A a-c The intangible assets section of Indigo Corporation's balance sheet at December 31, 2022, is presented here. Patents ($84,700 cost less $8,600 amortization) Copyrights ($42,500 cost less $30,700 amortization) Total $76,100 11,800 $87,900 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid...
Question 3 View Policies Current Attempt in Progress The intangible assets section of Grouper Corporation's balance sheet at December 31, 2022, is presented here. Patents ($89.500 cost less $8.950 amortization) Copyrights ($55,000 cost less $45,000 amortization) Total $80,800 10,000 $90,800 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets...
PLEASE HELP AS SOON AS POSSIBLE The intangible assets section of Sheffield Corporation's balance sheet at December 31, 2017, is presented here. Patents ($88,900 cost less $8,890 amortization) $80,010 Copyrights ($36,500 cost less $25,550 amortization) 10,950 Total $90,960 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018....
Problem 9-05A a-cThe intangible assets section of Indigo Corporation's balance sheet at December 31, 2022, is presented here.Patents ($84,700 cost less $8,600 amortization)$76,100Copyrights ($42,500 cost less $30,700 amortization)11,800Total$87,900The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023.Jan. 2 Paid $ 45,000 legal costs to successfully defend the patent...
*Problem 9-05A a-c The intangible assets section of Riverbed Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($75,200 cost less $8,000 amortization) $67,200 Copyrights ($39,500 cost less $24,500 amortization) 15,000 Total $82,200 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid...
The intangible assets section of Sheffield Company at December 31, 2020, is presented below. Patents ($75,000 cost less $7,500 amortization) Franchises ($49,000 cost less $19,600 amortization) $67,500 29,400 $96,900 Total The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan. 2 Paid $18,000 legal costs to successfully...