Debit | Credit | |||
Dec 31 | Amortization expense | 25500 | =153000/6 | |
Copyrights | 25500 | |||
(To record amortization of Copyrights) | ||||
Dec 31 | Amortization expense | 20000 | =96000/4*10/12 | |
Patents | 20000 | |||
(To record amortization of Patents) | ||||
Dec 31 | NO entry | 0 | ||
NO entry | 0 |
These are selected 2022 transactions for Bramble Corporation: Purchased a copyright for $153,000. The copyright has...
These are selected 2022 transactions for Blue Corporation: Jan. 1 Purchased a copyright for $84,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $27,000. Sept. 1 Purchased a small company and recorded goodwill of $114.000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Martinez Corporation: Jan. 1 Purchased a copyright for $105,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $54,000. Sept. 1 Purchased a small company and recorded goodwill of $135,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Novak Corporation: Jan. 1 Purchased a copyright for $111,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $48,000. Sept. 1 Purchased a small company and recorded goodwill of $141,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
These are selected 2022 transactions for Culver Corporation: Jan. 1 Purchased a copyright for $135,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $78,000. Sept. 1 Purchased a small company and recorded goodwill of $165,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization...
The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022 is presented here. Patents (579,900 cost less $7.990 amortization) Copyrights ($53,000 cost less $41,500 amortization) Total $73.400 11.500 $84.900 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 Pald $36,000 legal costs...
Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Cre! red. Do not indent manually. If no entry is required, select "No entry" for the...
These are selected 2017 transactions for Martinez Corporation: Jan. 1 Purchased a copyright for $162,500. The copyright has a useful life of 5 years and a remaining legal life of 33 years. Mar. 1 Purchased a patent with an estimated useful life of 6 years and a legal life of 21 years for $96,840. Sept. 1 Purchased a small company and recorded goodwill of $150,950. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2017,...
Pharoah Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Mar. 1 Purchased a copyright for $128,160 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Acquired a franchise with a contract period of nine years for $548,910; the expiration date is March 1, 2027. Paid cash of $41,980 and borrowed the remainder from the bank. Sept. Purchased a trademark for $74,360 cash. As the...
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...
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...