1jennator

05.05.2020 • 

Business

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 for distinct types of intangibles. (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 0 for the amounts.)
Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Make the entry as of December 31, 2020, recording any necessary amortization. (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 0 for the amounts.)
Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Reflect all balances accurately as of December 31, 2020.
Use straight-line amortization
select an intangible asset
and development costsPatentsGoodwill

$enter a dollar amount

select an intangible asset
Research and development

$enter a dollar amount

select an intangible asset
FranchisesResearch and development

$enter a dollar amount

select an intangible asset
and development costsPatentsGoodwill

$enter a dollar amount

Ответ:

dudedude29271

26.01.2022

Business

---

Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.

Dr Patents 387,900     Cr Intangible assets 387,900Dr Goodwill 341,000     Cr Intangible assets 341,000Dr Franchises 421,000     Cr Intangible assets 421,000

   

Dr Copyright 145,200     Cr Intangible assets 145,200Dr Research and development expense 211,000     Cr Intangible assets 211,000

Make the entry as of December 31, 2020, recording any necessary amortization:

Dr Patents 387,900     Cr Intangible assets 387,900Dr Amortization expense 43,100     Cr Accumulated amortization - Patents 43,100Dr Goodwill 341,000     Cr Intangible assets 341,000Dr Franchises 421,000     Cr Intangible assets 421,000Dr Amortization expense 42,100     Cr Accumulated amortization - Franchises 43,100

   

Dr Copyright 145,200     Cr Intangible assets 145,200Dr Amortization expense 29,040     Cr Accumulated amortization - Copyright 29,040

*R&D costs are expenses, they are not amortized.

Reflect all balances accurately as of December 31, 2020.  Use straight-line amortization .

Patents $344,800Goodwill $341,000Franchises $378,900Copyright $116,160

---

0,0(0 оценок)

Ответ:

naylorkanari54

28.09.2021

Business

---

Acommittee to understand how consumers would value the new formula

---

0,0(0 оценок)