E11.6B (LO 1,2,4) (Recording and Amortization of Intangibles) Parrish Company, organized in 2025, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025: 1/2/25 4/1/25 7/1/25 8/1/25 9/1/25 Purchased patent (8-year life) Purchased goodwill (indefinite life) Purchased franchise with 10-year life; expiration date 7/1/35 Payment for copyright (5-year life) Research and development costs $ 625,000 540,000 675,000 246,000 342,500 $2,428,500 Instructions Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2025, recording any necessary amor- tization and reflecting all balances accurately as of that date. (Use straight-line amortization.)

E11.6B (LO 1,2,4) (Recording and Amortization of Intangibles) Parrish Company, organized in 2025, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025: 1/2/25 4/1/25 7/1/25 8/1/25 9/1/25 Purchased patent (8-year life) Purchased goodwill (indefinite life) Purchased franchise with 10-year life; expiration date 7/1/35 Payment for copyright (5-year life) Research and development costs $ 625,000 540,000 675,000 246,000 342,500 $2,428,500 Instructions Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2025, recording any necessary amor- tization and reflecting all balances accurately as of that date. (Use straight-line amortization.)

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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Subject: acounting
What is the correct journal entry?
Please do not give solution in image format ?
112.
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