Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 6 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 13.00

Willingham Company

The intangible assets section of Willingham Company at December 31, 2014, is presented below.

Patents ($100,000 cost less $10,000 amortization)

$ 90,000

Copyrights ($60,000 cost less $24,000 amortization)

36,000

Total

$126,000

The patent was acquired in January 2014 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2015.

Jan. 2

Paid $36,000 legal costs to successfully defend the patent against infringement by another company.

Jan.–June

Developed a new product, incurring $230,000 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 $125,000 to an Xgames star to appear in commercials advertising the company"s products. The commercials will air in September and October.

Oct. 1

Acquired a copyright for $300,000. The copyright has a useful life of 50 years.

Instructions

(a)Prepare journal entries to record the transactions above.

(b)Prepare journal entries to record the 2015 amortization expense for intangible assets.

(c)Prepare the intangible assets section of the balance sheet at December 31, 2015.

(d)Prepare the note to the financials on Willingham"s intangibles as of December 31, 2015

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 01:07 PM My Price 13.00

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