Answer -
Date | Account Titles an Explanation | Debit | Credit |
Jan. 5 | Trademarks | $6510 | |
Cash | $6510 | ||
July 1 | Research expenses | $202020 | |
Cash | $202020 | ||
(To record research expense) | |||
July 1 | Development costs | $46000 | |
Cash | $46000 | ||
(To record development cost) | |||
Sept. 1 | Advertising expense | $58300 | |
Cash | $58300 | ||
Oct. 1 | Copyrights | $175280 | |
Cash | $175280 | ||
Dec. 31 | Impairment loss | $38800 | |
Goodwill | $38800 |
Calculation:
Impairment loss = Book value of goodwill - Recoverable amount of goodwill
Impairment loss = $135630 - $96830
Impairment loss = $38800
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