![kebaby9930](/avatars/12807.jpg)
kebaby9930
06.04.2020 •
Business
On January 1, 2017, Ivanhoe Company had a balance of $413,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions.
Jan. 2 Purchased a patent (7-year life) $355,950.
July 1 Acquired a 9-year franchise; expiration date July 1, 2,026, $597,600.
Sept. 1 Research and development costs $177,000.
Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (Record entries in the order displayed in the problem statement)
Solved
Show answers
More tips
- A Art and Culture When Will Eurovision 2011 Take Place?...
- S Style and Beauty How to Choose the Perfect Hair Straightener?...
- F Family and Home Why Having Pets at Home is Good for Your Health...
- H Health and Medicine How to perform artificial respiration?...
- H Health and Medicine 10 Tips for Avoiding Vitamin Deficiency...
- F Food and Cooking How to Properly Cook Buckwheat?...
- F Food and Cooking How Many Grams Are In a Tablespoon?...
- L Leisure and Entertainment Carving: History and Techniques for Creating Vegetable and Fruit Decorations...
- P Photography and Videography How to Choose the Perfect Photo Paper for Your Images?...
- H Health and Medicine What vaccines do children need?...
Answers on questions: Business
- B Business Before any month-end adjustments are made, the net income of russell company is $66,000. however, the following adjustments are necessary: office supplies used, $2,160; services...
- B Business Sayon co. issues 200,000 shares of $5 par value common stock to acquire trask co. in an . the market value of sayon s common stock is $12. legal and consulting feesincurred in relationship...
- B Business ]bear co. prepares its statement of cash flows using the indirect method. bear sold equipment with a carrying value of $500,000 for cash of $400,000. how should bear report the transaction...
- B Business Aboardwalk game of chance costs $2 to play. you have a 10% chance of winning $1 back, a 25% chance of winning back your entire $2 chance to play, and a 50% chance to win $5. what...
- B Business Which of the marketing mix elements corresponds to what the buyer gives up in the marketing exchange? (a) product (b) price (c) promotion (d) distribution (e) place...
- B Business Two goods are considered to be related goods by many buyers: if the price of one increases, buyers buy more of the other. this indicates that the two goods are complements. (a) true...
- B Business When kia motors from south korea operates a design center on korea, los angeles, and frankfurt, germany, this represents what type of strategy?...
- B Business For both a perfectly competitive firm and a monopolistically competitive firm, all statements are true in the long run, except:...
- B Business Increased labor productivity has been less important as a source of growth than the increased labor inputs in the u.s. economy since the 1950s. true / false....
- B Business Marketing intelligence system is the systematic monitoring, collecting, and analysos of publicly available information about consumers competition and developmebts in marketing....
Ответ:
The journal entries are made as follows;
Explanation:
Jan 2 Patent Dr. $355,950
Cash Cr.$355,950
July 1 Franchise Rights Dr.$597,600
Cash Cr.$597,600
Sept 1 Research Development Expense Dr.$177,000
Cash Cr.$177,000
Dec 31. Amortization on patent (355,950/7) Dr.$50,850
Accumulated Amortization Cr.$50,850
Dec 31. Amortization on franchise rights (597,600/9)*6/12 Dr.$33,200
Accumulated Amortization Cr.$33,200
The research and development expenses will be charged to income statement as they were incurred in testing phase of intangible.Therefore it is assumed that they all have been incurred in research phase of intangible.
Ответ:
for example:
Gold
Tobacco.