These are selected 2022 transactions for Blossom Company. Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $108,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $58,800. Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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- These are selected 2025 transactions for Swifty Corporation: Jan. 1 Purchased a copyright for $144,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $87,024. Purchased a small company and recorded goodwill of $174,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry. Credit account titles are automatically indented when the 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 Dec. 31 Amortization Expense Copyrights (To record amortization of Copyrights) Dec. 31 Amortization Expense Patents (To record amortization of Patents) Dec. 31 Amortization Expense Goodwill (To record amortization of Goodwill) Debit 24000…These are selected 2027 transactions for Indigo Corporation: Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $210,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 5 years and a legal life of 24 years for $71,400. Purchased a small company and recorded goodwill of $152,450. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2027, for Indigo Corporation. Amortization expense $These are selected 2027 transactions for Pronghorn Corporation: Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $160,800. The copyright has a useful life of 6 years and a remaining legal life of 35 years. Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $90,000. Purchased a small company and recorded goodwill of $150.200. Its useful life is indefinite. Indicate the amount of amortization expense on December 31, 2027. for Pronghorn Corporation. Amortization expense S
- Rakko, Inc. acquired a patent on January 1 for $70,000 cash. The patent was estimated to have a useful life of 14 years with no residual value. Required: Part a. Prepare the journal entry to record the acquisition of the patent on January 1. Part b. Prepare the journal entry to record the annual amortization as of Dec 31.Kleen Company acquired patent rights on January 10 of Year 1 for $918,000. The patent has a useful life equal to its legal life of 8 years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $54,000. Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. CHART OF ACCOUNTS Kleen Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable…The following are selected 2020 transactions of Kingbird Ltd. Jan. 1 Purchased a small company and recorded goodwill of €155,000. Its useful life is indefinite. May 1 Purchased for €142,500 a patent with an estimated useful life of 5 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record goodwill amortization.) Dec. 31 (To record patent amortization.) please make sur ethe answer is correct 100%
- Pharoah Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 3 1 Apr. 1 July 1 1 Mar. Purchased patent (8-year life) Costs to search for new ways to apply patent that was purchased on Jan. 2 Purchased goodwill (indefinite life) Purchased franchise with 10-year life; expiration date July 1, 2030 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 Aug. 1 Payment for copyright (5-year life) 1 Purchased trademark (3-year life) 1 Purchased customer list (2-year life) Sept 1 Research costs $338,000 21,000 307,000 259,000 33,000 142,800 14,400 9,600 236,000 $1,360,8 00 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.Springer Company had three Intangible assets at the end of 2020 (end of the accounting year): a. A copyright purchased on January 1, 2020, for a cash cost of $15,700. The copyright is expected to have a 10-year useful lIife to Springer. b. Goodwill of $77,000 from the purchase of the Hartford Company on July 1, 2019. CA patent purchased on January 1, 2019, for $56,000. The inventor had registered the patent with the U.S. Patent and Trademark Office on January 1, 2015. Springer intends to use the patent for its remalning life. Required: 1. Compute the amortization expense of each intangible for the year ended December 31, 2020. The company does not use contra- accounts. 2a. Show how the expenses related to the three intangible assets should be reported on the Income statement for 2020. 2b. Show how the three intangible assets should be reported on the balance sheet for 2020. (Assume there has been no Impairment of goodwill.)Kleen Company acquired patent rights on January 10 of Year 1 for $882,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $39,600. Required: a. Determine the patent amortization expense for Year 4 ended December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Kleen Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts…
- On January 1, 2025, Oriole Company had a balance of $316800 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 2025, the company had the following additional transactions Jan July Sept. 1 2 Purchased a patent (5-year life) $246,400 1 Acquired a 9-year franchise; expiration date July 1, 2034, $475,200 Research and development costs $162,800 Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash (List debit entry before credit entry Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date: Account Titles and Explanation eTextbook and Media List of Accounts Debit CreditOn January 1, 2025, Crane Company had a balance of $374,400 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 2025, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $291,200. Acquired a 9-year franchise; expiration date July 1, 2034, $561,600. Research and development costs $192,400. 1 July Sept. 1 Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (List debit entry before credit entry. Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the 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.On July 1, Duffy Company purchased a copyright for $6363. The copyright has an estimated useful life of 3 years and Duffy uses straight-line amortization. How should the copyright be treated in Duffy's December 31 financial statements? Choose the closest answer. a. Capitalized as an intangible asset with a net balance of $6363 on the balance sheet. b. Expensed in the amount of $6363 on the income statement c. Capitalized as an intangible asset with a net balance of $5302 on the balance sheet. d. Capitalized as an intangible asset with a net balance of $4242 on the balance sheet.