Jan. 2Patents45,000
Cash.....................................................................45,000
Jan.– Research and Development
JuneExpense.....................................................................140,000
Cash.....................................................................140,000
Sept.1 Advertising Expense.....................................................50,000
Cash.....................................................................50,000
Oct.1 Franchise.......................................................................100,000
Cash.....................................................................100,000
(b) Dec. 31 AmortizationExpense—Patents.................................12,000
Patents.................................................................12,000
[($70,000 X 1/10) + ($45,000 X 1/9)]
31 Amortization Expense—Franchise.............................5,300
Franchise.............................................................5,300
[($48,000 X 1/10) +
($100,000 X 1/50 X 3/12)]
(c) Intangible Assets
Patents ($115,000 cost – $19,000 amortization)(1)............................................$ 96,000
Franchise ($148,000 cost – $24,500 amortization)(2).......................................123,500
Totalintangible assets................................................................................$219,500
(1) Cost ($70,000 + $45,000);amortization ($7,000 + $12,000).
(2) Cost ($48,000 + $100,000);amortization ($19,200 + $5,300).
LOA.5) P9-7A The intangible assets section of Sappelt Company at December 31, 2019, is presented below. Patents ($70,000 cost less $7,000 amortization) Franchises ($48,000 cost less $19,200 amortization) 28,800 $63,000 Total $91,800 The patent was acquired in January 2019 and has a useful life of 10 years. The franchise was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020. Paid $27,00o legal costs to successfully...
P9.7 (LO 4, 5) The intangible assets section of Glover Restaurants at December 31, 2019, is presented below.Patents (£ 60,000 cost less £ 6,000 amortization) £54,000Franchises (£ 48,000 cost less £ 19,200 amortization) 28,800Total £82,800The patent was acquired in January 2019 and has a useful life of 10 years. The franchise was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020.Jan. 2 Paid £ 45,000 legal costs...
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...
The intangible assets section of Bridgeport Company at December 31, 2020, is presented below. Patents ($65,000 cost less $6,500 amortization) $58,500 Franchises ($39,000 cost less $15,600 amortization) 23,400 Total $81,900 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 $31,500 legal costs to successfully...
Prepare entries to ru n related to acquisition and amortization of intangibles, prepare the intangible assets section and note 1.SA (LO 4,5), AP The intangible assets section of mato Corporation's balance sheet at December 31 2022, is presented here. Patents (560,000 cost less $6,000 amortization) $54,000 10,800 Copyrights ($36,000 cost less $25,200 amortization) Total $64.800 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...
This is an interesting one Problem 10-07A a-c (Video) The intangible assets section of Flint Company at December 31, 2020, is presented below. Patents ($87,000 cost less $8,700 amortization) Franchises ($47,000 cost less $18,800 amortization) $78,300 28,200 $106,500 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...
The intangible assets section of Oriole Company at December 31, 2019, is presented below. Patents ($62,000 cost less $6,200 amortization) $55,800 Franchises ($43,000 cost less $17,200 amortization) 25,800 Total $81,600 The patent was acquired in January 2019 and has a useful life of 10 years. The franchise was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2020. Jan. 2 Paid $18,000 legal costs to successfully...
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...
Question: Prepare journal entries to record the 2017 amortization expense for intangible assets. Problem 9-7B (Part Level Submission) The intangible assets section of Cullumber Company at December 31, 2016, is presented below. Patents (£78,300 cost less £7,830 amortization) Copyrights (£42,700 cost less £17,080 amortization) Total £70,470 25,620 £96,090 The patent was acquired in January 1, 2016 and has a useful life of 10 years. The copyright was acquired in January 1, 2013 and also has a useful life of 10...
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...