Question

PLEASE HELP AS SOON AS POSSIBLE

The intangible assets section of Sheffield Corporation's balance sheet at December 31, 2017, is presented here. Patents ($88,900 cost less $8,890 amortization) $80,010 Copyrights ($36,500 cost less $25,550 amortization) 10,950 Total $90,960 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. Sept. 2 Paid $63,000 legal costs to successfully defend the patent against infringement by another company. d a new product, incurring $258,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $10,000. 1 Paid $64,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. 1 Acquired a copyright for $272,000. The copyright has a useful life and legal life of 50 years. Oct. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Prepare journal entries to record the 2018 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 (To record amortization of patents) Dec. 31 (To record amortization of copyrights) Prepare the intangible assets section of the balance sheet at December 31, 2018. Sheffield Corporation Balance Sheet (Partial)

Answer 1

I credit I Date 2lalis Debit 63000 63000 account title na Patents all - TO Bank alle Being legal cost shall be capitali seal. et Troor 258 500 25 8500 oiloals Patents are TO Bank all on Being R&D cost shall be capitalised 10000 Follozlis 10000 Patents are round TO Bank all d e (Being legal con & other cost capitale sed loglie nr 64500 Deffered advertise Eap TO Bank ale. Guroo 32 250 Sne Propit &loss all To Deff Adv. – or Exp ale 32250 32250 1311 10/18 I Projet & loss all T Depared Adv. Exp a 32290 oil olis 270000 copyrights all Bank all 292000 131113118 21903 21903 Amortization Exp - or TO Patent al (8890 + 6300 6713). Amortization exp – Dr To copyright all (3650 + 5440) 131112118 I I go go - gogo

ula PG Balance sheet as on silia 2018 Intangible assets I Art Amy patents to da opening balance 88010 Add Addition during Curreast year - 2018 331500 less A 056 zobor Grup C 8890+ 21903) (30793) closing balance 388717 copy right opening balance 36500 Add Addition during cesseost year 2018 222000 tess: Amortization Exp (25550 + gogo) (3u6uo) closing balance 223860