Jan, 1 Mar. 1 Sept. 1 Purchased a copyright for $117,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $60,000. Purchased a small company and recorded goodwill of $147,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry. 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.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record amortization of Copyrights) Debit Credit
Jan, 1 Mar. 1 Sept. 1 Purchased a copyright for $117,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $60,000. Purchased a small company and recorded goodwill of $147,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry. 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.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record amortization of Copyrights) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kmu
Transcribed Image Text:These are selected 2025 transactions for Pronghorn Corporation:
Jan, 1
Mar. 1
Sept. 1
Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry. 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.)
Purchased a copyright for $117,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years.
Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $60,000.
Purchased a small company and recorded goodwill of $147,000. Its useful life is indefinite.
Date Account Titles and Explanation
Dec. 31
Dec. 31
(To record amortization of Copyrights)
Debit
Credit
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