Question
Accounting homework help please...:)Can anybody get the answers to this problem?
Gladow Company, organized in 2010, has these transactions related to intangible assets in that year: Jan. 2Purchased a patent (5-year life) $300,000. Apr. 1Goodwill purchased (indefinite life) $360,000. July 1Acquired a 9-year franchise; expiration date July 1, 2019, $540,000. Sept. 1Research and development costs $185,000. (a)Prepare the necessary entries to record these intangibles. All costs incurred were for cash. DateAccount/DescriptionDebitCredit 1/2/10 300,000 300,000 4/1/10Goodwill 360,000 360,000 7/1/10 540,000 540,000 9/1/10Research and development expense 185,000 Cash 185,000 (b)Make the entries as of December 31, 2010, recording any necessary amortization. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.) DateAccount/DescriptionDebitCredit 12/31/10 (c)Indicate what the balances should be on December 31, 2010. Patent$ Goodwill$ Franchise$
3 weeks ago - 1 answers
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1/2 Debit patent $300,000, Credit cash $300,000 4/1 Debit goodwill $360,000, Credit cash $360,000 7/1 Debit Franchise $540,000, Credit cash $540,000 9/1 Debit Research and development expense $185,000, Credit cash $$185,000 B. 12/31 Debit amortization expense $90,000 Credit accumulated amortization patent $60,000 Credit accumulated amortization franchise $30,000 C.Patent $240,000 Goodwill $360,000 Franchise $510,000
by Steve
3 weeks ago
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