xercise 12-6 Rolanda Marshall Company, organized in 2013, has set up a single account for all intangible assets.
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| Exercise 12-6 | |||||||||||||||||||||||||||
Rolanda Marshall Company, organized in 2013, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2014. | |||||||||||||||||||||||||||
| 1/2/2014 | Purchased patent (8-year life) | $ 350,000 | |||||||||||||||||||||||||
| 4/1/2014 | Purchase goodwill (indefinite life) | $ 360,000 | |||||||||||||||||||||||||
| 7/1/2014 | Purchased franchise with 10-year life; expiration date 7/1/24 | $ 450,000 | |||||||||||||||||||||||||
| 8/1/2014 | Payment of copyright (5-year life) | $ 156,000 | |||||||||||||||||||||||||
| 9/1/2014 | Research and development costs | $ 215,000 | |||||||||||||||||||||||||
| $ 1,531,000 | |||||||||||||||||||||||||||
Prepare the necessary entries 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.)
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11 years ago
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rolanda_marshall_company.xlsx
