Homework Answers
| 1 | |||
| Account Titles and Explanation | Debit | Credit | |
| Patents | 360800 | ||
| Goodwill | 361000 | ||
| Franchises | 441000 | ||
| Copyrights | 169200 | ||
| Research and Development Expense | 231000 | ||
| Intangible Assets | 1563000 | ||
| 2 | |||
| Account Titles and Explanation | Debit | Credit | |
| Amortization Expense | 81250 | ||
| Patents | 45100 | =360800/8 | |
| Franchise | 22050 | =441000/10*6/12 | |
| Copyright | 14100 | =169200/5*5/12 | |
| 3 | |||
| Use straight-line amortization | |||
| Patents | 315700 | =360800-45100 | |
| Goodwill | 361000 | ||
| Franchise | 418950 | =441000-22050 | |
| Copyright | 155100 | =169200-14100 |
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Wildhorse Company, organized in 2019, has set up a single account for all intangible assets. The...
Crane Company, organized in 2019, has set up a single account for all intangible assets. The...
Crane Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (9-year life) 4/1/20 Purchase goodwill (indefinite life) on date 7/1/30 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $407,700 363,000 443,000 171,600 233,000 $1,618,300 Prepare the necessary entry to clear the Intangible Assets account and to set...
Ivanhoe Company, organized in 2019, has set up a single account for all intangible assets. The...
Ivanhoe Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $310,800 4/1/20 Purchase goodwill (indefinite life) 354,000 434,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 160,800 8/1/20 Payment of copyright (5-year life) Research and development costs 9/1/20 224,000 $1,483,600 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Cullumber Company, organized in 2019, has set up a single account for all intangible assets. The...
Cullumber Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) $354,400 4/1/20 Purchase goodwill (indefinite life) 353,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 433,000 8/1/20 Payment of copyright (5-year life) 159,600 9/1/20 Research and development costs 223,000 $1,523,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Cullumber Company, organized in 2019, has set up a single account for all intangible assets. The...
Cullumber Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) $354,400 4/1/20 Purchase goodwill (indefinite life) 353,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 433,000 8/1/20 Payment of copyright (5-year life) 159,600 9/1/20 Research and development costs 223,000 $1,523,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Pharoah Company, organized in 2019, has set up a single account for all intangible assets. The following summary disclos...
Pharoah Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $304,500 4/1/20 Purchase goodwill (indefinite life) 345,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 425,000 8/1/20 Payment of copyright (5-year life) 150,000 9/1/20 Research and development costs 215,000 $1,439,500 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Crane Company, organized in 2019, has set up a single account for all intangible assets. The following summar...
Crane Company, organized in 2019, has set up a single account
for all intangible assets. The following summary discloses the
debit entries that have been recorded during 2020.
1/2/20
Purchased patent (9-year life)
$387,900
4/1/20
Purchase goodwill (indefinite life)
341,000
7/1/20
Purchased franchise with 10-year life; expiration date
7/1/30
421,000
8/1/20
Payment of copyright (5-year life)
145,200
9/1/20
Research and development costs
211,000
$1,506,100
Prepare the necessary entry to clear the Intangible Assets
account and to set up separate accounts...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $348,800 346,000 426,000 151,200 216,000 $1,488,000 Prepare the necessary entry to clear the...
Problem 12-01 Cullumber Co., organized in 2019, has set up a single account for all intangible...
Problem 12-01 Cullumber Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021. 7/1/20 10/1/20 12/31/20 $43,200 28,200 Intangible Assets 8-year franchise; expiration date 6/30/28 Advance payment on laboratory space (2-year lease) Net loss for 2020 including state incorporation fee, $1,500, and related legal fees of organizing, $5,500 (all fees incurred in 2020) Patent purchased (10-year life) Cost of developing a...
This question has three parts. thank you. Exercise 12-6 Pharoah Company, organized in 2016, has set...
This question has three parts. thank you.
Exercise 12-6 Pharoah Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017. 1/2/17 4/1/17 7/1/17 8/1/17 9/1/17 Purchased patent (9-year life) Purchase goodwill (indefinite life) Purchased franchise with 10-year life; expiration date 7/1/27 Payment of copyright (5-year life) Research and development costs $475,200 365,600 456,000 120,000 241,000 $1,657,800 Prepare the necessary entry to clear the...
Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The...
Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) $357,600 4/1/20 Purchase goodwill (indefinite life) 357,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 437,000 8/1/20 Payment of copyright (5-year life) 164,400 9/1/20 Research and development costs 227,000 $1,543,000 Make the entry as of December 31, 2020, recording any necessary amortization Reflect all balances as...
Crane Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (9-year life) 4/1/20 Purchase goodwill (indefinite life) on date 7/1/30 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $407,700 363,000 443,000 171,600 233,000 $1,618,300 Prepare the necessary entry to clear the Intangible Assets account and to set...
Ivanhoe Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $310,800 4/1/20 Purchase goodwill (indefinite life) 354,000 434,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 160,800 8/1/20 Payment of copyright (5-year life) Research and development costs 9/1/20 224,000 $1,483,600 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...
Crane Company, organized in 2019, has set up a single account
for all intangible assets. The following summary discloses the
debit entries that have been recorded during 2020.
1/2/20
Purchased patent (9-year life)
$387,900
4/1/20
Purchase goodwill (indefinite life)
341,000
7/1/20
Purchased franchise with 10-year life; expiration date
7/1/30
421,000
8/1/20
Payment of copyright (5-year life)
145,200
9/1/20
Research and development costs
211,000
$1,506,100
Prepare the necessary entry to clear the Intangible Assets
account and to set up separate accounts...
Question 12 --/1 View Policies Current Attempt in Progress Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill (indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $348,800 346,000 426,000 151,200 216,000 $1,488,000 Prepare the necessary entry to clear the...
Problem 12-01 Cullumber Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021. 7/1/20 10/1/20 12/31/20 $43,200 28,200 Intangible Assets 8-year franchise; expiration date 6/30/28 Advance payment on laboratory space (2-year lease) Net loss for 2020 including state incorporation fee, $1,500, and related legal fees of organizing, $5,500 (all fees incurred in 2020) Patent purchased (10-year life) Cost of developing a...
This question has three parts. thank you.
Exercise 12-6 Pharoah Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017. 1/2/17 4/1/17 7/1/17 8/1/17 9/1/17 Purchased patent (9-year life) Purchase goodwill (indefinite life) Purchased franchise with 10-year life; expiration date 7/1/27 Payment of copyright (5-year life) Research and development costs $475,200 365,600 456,000 120,000 241,000 $1,657,800 Prepare the necessary entry to clear the...
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