Homework Answers
Prepare journal entries as follows:
| Date | Account Titles and Explanation | Debit | Credit |
| 1/2/2020 | Patent | 595000 | |
| Cash | 595000 | ||
| 4/1/2020 | Goodwill | 360000 | |
| Cash | 360000 | ||
| 7/1/2020 | Franchise | 480000 | |
| Cash | 480000 | ||
| 9/1/2020 | Research and Development Expense | 185000 | |
| Cash | 185000 | ||
| 12/31/2020 | Amortization Expense | ||
| Patent (595,000/7) | 85000 | ||
| Franchise (480,000 x 1/10 x 6/12) | 24000 |
Calculate ending balances as follows:
| Ending balances | |
| Patents (595000 - 85000) | 510000 |
| Goodwill | 360000 |
| Franchises (480000 - 24000) | 456000 |
| Research and development expense | 185000 |
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Gladow Corporation began operations in 2020 and has these
transactions related to intangible assets in that year:
Jan. 2
Purchased a patent (5-year life)
$276,000
Apr. 1
Goodwill purchased as part of an acquisition of another
company
$331,000
Jul. 1
Acquired a 9-year franchise; expiration date July 1, 2025
$496,800
Dec. 31
Determined that the recoverable amount of the patent and
franchise be $161,000 and $483,000 respectively. There was no
indication that the goodwill was impaired.
(a)
Your answer is...
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