Cheyenne Corp., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (6-year life) $516,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 10-year franchise; expiration date 7/1/2030 380,000 9/1/20 Research and development costs 166,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount PART 2: Calculate ending balances as at 12/31/20. Ending balances Patents $ ? Goodwill $ ? Franchises $ ? Research and Development Expense $ ?
| 1/2/20 | Purchased patent (6-year life) | $516,000 | ||
| 4/1/20 | 360,000 | |||
| 7/1/20 | 10-year franchise; expiration date 7/1/2030 | 380,000 | ||
| 9/1/20 | Research and development costs | 166,000 |
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Date |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
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choose a transaction date |
enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
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choose a transaction date |
enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
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choose a transaction date |
enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
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choose a transaction date |
enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
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choose a transaction date |
enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
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enter an account title |
enter a debit amount |
enter a credit amount |
PART 2: Calculate ending balances as at 12/31/20.
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Ending balances |
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|---|---|---|
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Patents |
$ ? | |
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Goodwill |
$ ? | |
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Franchises |
$ ? | |
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Research and Development Expense |
$ ? |
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