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Category > Business & Finance Posted 19 May 2017 My Price 8.00

The intangible assets section of Glover Company

The intangible assets section of Glover Company at December 31, 2013, is presented below.

Patents ($74,900 cost less $7,490 amortization)   $67,410
Franchises ($40,600 cost less $16,240 amortization)   24,360
Total   $91,770


The patent was acquired in January 2013 and has a useful life of 10 years. The franchise was acquired in January 2010 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2014.

Jan. 2   Paid $40,230 legal costs to successfully defend the patent against infringement by another company.
Jan.–June   Developed a new product, incurring $131,120 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life.
Sept. 1   Paid $56,760 to an extremely large defensive lineman to appear in commercials advertising the company’s products. The commercials will air in September and October.
Oct. 1  

Acquired a franchise for $133,000. The franchise has a useful life of 50 years.

 

Prepare journal entries to record the transactions above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Prepare journal entries to record the 2014 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually

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Status NEW Posted 19 May 2017 12:05 PM My Price 8.00

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