Question

Return to Blackboard Weygandt, Accounting Principles, 13e Help System Announcements Exercise 10-13 al-a2 (Part Level Submission) (Video) Sarasota Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 4/1/20 7/1/20 9/1/20 Purchased patent (5-year life) Goodwill purchased (indefinite life) 10-year franchise Research and development costs $440,000 360,000 320,000 179,000 (al) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as o (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record jou no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit / Credit Date dy. Lo B E WileyPLUS - Googl

Answer 1

Date	Account Name	Debit ($)	Credit ($)
01-02-2020	Patent a/c	440000
	To Cash a/c		440000
	(being purchase of 5 year Patent)
04-01-2020	Goodwill a/c	360000
	To Cash a/c		360000
	(being purchase of Goodwill)
07-01-2020	Franchise a/c	320000
	To Cash a/c		320000
	(being purchase of 10 year Franchise)
09-01-2020	Research & Development a/c	179000
	To Cash a/c		179000
	(being research and development costs)
31-12-2020	Patent Fee Amortization a/c	88000
	To Patent a/c		88000
	(being amortization recorded for Patent $440000/5)
31-12-2020	Frachise Fee Amortization a/c	32000
	To Franchise a/c		32000
	(being amortization recoreded for Franchise $320000/10)