Homework Help is Here – Start Your Trial Now!
Business
Accounting
E10-13B Roper Company, organized in 2017, has the following transactions related to intangible assets. Prepare entries to set up appropriate accounts for different intangibles; amortize intangible assets. Dates are 1/2/17 4/1/17 7/1/17 9/1/17 Purchased patent (7-year life) Goodwill purchased (indefinite life) 10-year franchise; expiration date 7/1/2027 Research and development costs $840,000 450,000 330,000 2- Jan Depr 1-Apr (LO 4) 1-July 210,000 1-Sept Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization and reflecting all balances accurately as of that date. Ans for amortization expense= 1,36,500 Make journal entry to record prurchase calculate amortization for 2017. Make journal entry to record amortization expense. Find the ending balance of each of the intangibles

E10-13B Roper Company, organized in 2017, has the following transactions related to intangible assets. Prepare entries to set up appropriate accounts for different intangibles; amortize intangible assets. Dates are 1/2/17 4/1/17 7/1/17 9/1/17 Purchased patent (7-year life) Goodwill purchased (indefinite life) 10-year franchise; expiration date 7/1/2027 Research and development costs $840,000 450,000 330,000 2- Jan Depr 1-Apr (LO 4) 1-July 210,000 1-Sept Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization and reflecting all balances accurately as of that date. Ans for amortization expense= 1,36,500 Make journal entry to record prurchase calculate amortization for 2017. Make journal entry to record amortization expense. Find the ending balance of each of the intangibles

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Prepare entries to set up appropriate accounts for different intangibles; amortize intangible assets. (LO 4) Depr E10-13B Roppls answer the following:

 

1) Make journal entry to record purchase

 

2) Calculate amortization for 2017. Make journal entry to record amortization expense.

 

3) Find the ending balance of each of the intangibles.

E10-13B Roper Company, organized in 2017, has the following transactions related to intangible assets. Prepare entries to set up аppropriate acсоиnts for different intangibles; amortize intangible assets. Dates are Purchased patent (7-year life) Goodwill purchased (indefinite life) 10-year franchise; expiration date 7/1/2027 Research and development costs $840,000 450,000 330,000 210,000 1/2/17 2- Jan Depr 4/1/17 1-Apr 7/1/17 (LO 4) 1-July 9/1/17 1-Sept Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization and reflecting all balances accurately as of that date. Ans for amortization expense= 1,36,500 Make journal entry to record prurchase 2. calculate amortization for 2017. Make journal entry to record amortization expense. 3. Find the ending balance of each of the intangibles
Transcribed Image Text:E10-13B Roper Company, organized in 2017, has the following transactions related to intangible assets. Prepare entries to set up аppropriate acсоиnts for different intangibles; amortize intangible assets. Dates are Purchased patent (7-year life) Goodwill purchased (indefinite life) 10-year franchise; expiration date 7/1/2027 Research and development costs $840,000 450,000 330,000 210,000 1/2/17 2- Jan Depr 4/1/17 1-Apr 7/1/17 (LO 4) 1-July 9/1/17 1-Sept Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization and reflecting all balances accurately as of that date. Ans for amortization expense= 1,36,500 Make journal entry to record prurchase 2. calculate amortization for 2017. Make journal entry to record amortization expense. 3. Find the ending balance of each of the intangibles
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Intangible assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS