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Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $325,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 300,000 July 1 Purchased franchise with 10-year life; expiration date July 1, 2033 245,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 Aug. 1 Payment for copyright (5-year life) 133,200 1 Purchased trademark (3-year life) 14,400 1 Purchased customer lists (2-year life) 9.600 Sept. 1 Research costs 230,000 $1,311,200 (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $325,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 300,000 July 1 Purchased franchise with 10-year life; expiration date July 1, 2033 245,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 Aug. 1 Payment for copyright (5-year life) 133,200 1 Purchased trademark (3-year life) 14,400 1 Purchased customer lists (2-year life) 9.600 Sept. 1 Research costs 230,000 $1,311,200 (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $325,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 300,000 July 1 Purchased franchise with 10-year life; expiration date July 1, 2033 245,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 Aug. 1 Payment for copyright (5-year life) 133,200 1 Purchased trademark (3-year life) 14,400 1 Purchased customer lists (2-year life) 9.600 Sept. 1 Research costs 230,000 $1,311,200 (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $325,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 300,000 July 1 Purchased franchise with 10-year life; expiration date July 1, 2033 245,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 Aug. 1 Payment for copyright (5-year life) 133,200 1 Purchased trademark (3-year life) 14,400 1 Purchased customer lists (2-year life) 9.600 Sept. 1 Research costs 230,000 $1,311,200 (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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