Homework Answers
Solution:
a. To record purchase of copyright:
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| Oct. 1, 2020 | Copyright | $330,000 | |
| Cash | $330,000 |
b. To record amortization of copyright:
Workings:
Annual Amortization expense = $330,000 / 6 = $55,000
Thus, amortization expense = ($55,000*3month / 12) = $13,750
Alternatively, you can use 'Copyright' account instead of 'Accumulated amortization' account in part b.
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Milano Gallery purchases the copyright on an oil painting for $480,000 on January 1, 2017. The copyright legally protects its owner for 12 more years. The company plans to market and sell prints of the original for 19 years. Prepare entries to record the purchase of the copyright on January 1, 2017, and its annual amortization on December 31, 2017. View transaction list Journal entry worksheet Record the purchase of the copyright on an oil painting for $480,000 cash. Note:...
Required information Problem 7-6B Record amortization and prepare the intangible assets section (L07-5) (The following information applies to the questions displayed below.) The following information relates to the intangible assets of Lettuce Express a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,470,000 in cash. The fair value of the identifiable net assets of Farmers Produce was $1,323,000. b. Included in the assets purchased from Farmers Produce was a patent for a method of...
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