Marigold Corp., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (6-year life) $474,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 14-year franchise; expiration date 7/1/2034 588,000 9/1/20 Research and development costs 166,000 Calculate ending balances as at 12/31/20. Ending balances Patents $enter the ending balance in dollars Goodwill $enter the ending balance in dollars Franchises $enter the ending balance in dollars Research and Development Expense $enter the ending balance in dollars
Marigold Corp., organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (6-year life) $474,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 14-year franchise; expiration date 7/1/2034 588,000 9/1/20 Research and development costs 166,000 Calculate ending balances as at 12/31/20. Ending balances Patents $enter the ending balance in dollars Goodwill $enter the ending balance in dollars Franchises $enter the ending balance in dollars Research and Development Expense $enter the ending balance in dollars
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Marigold Corp., organized in 2020, has the following transactions related to intangible assets.
| 1/2/20 | Purchased patent (6-year life) | $474,000 | ||
| 4/1/20 | 360,000 | |||
| 7/1/20 | 14-year franchise; expiration date 7/1/2034 | 588,000 | ||
| 9/1/20 | Research and development costs | 166,000 |
Calculate ending balances as at 12/31/20.
|
Ending balances
|
||
|---|---|---|
|
Patents
|
$enter the ending balance in dollars | |
|
Goodwill
|
$enter the ending balance in dollars | |
|
Franchises
|
$enter the ending balance in dollars | |
|
Research and Development Expense
|
$enter the ending balance in dollars |
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