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Marigold Enterprises is a large Canadian company traded on the Toronto Stock Exchange Marigold purchased two copyrights during 2023. The first copyright was purchased on February 1 for $16,800 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $115.200 and was expected to have an indefinite useful life. Marigold's fiscal year-end was December 31. On July 1, 2024, Marigoid paid $6.120 in legal fees to successfully defend the first copyright in court. On September 1. 2024. Marigold determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 8 years, beginning September 1, 2024. On April 1, 2025, Marigold sold the second copyright for $126.000. Prepare the journal entries on the books of Marigold to record the above transactions. (Hint: don't forget the year-end amortization entries). (If no entry is required, select "No Estry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Feb 1, 2023 ALA2023 Dec 31,2023 Account Titles and Explanation Intangible Assets Coppriests Cash Intangible Asset Bercht Debit

Marigold Enterprises is a large Canadian company traded on the Toronto Stock Exchange Marigold purchased two copyrights during 2023. The first copyright was purchased on February 1 for $16,800 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $115.200 and was expected to have an indefinite useful life. Marigold's fiscal year-end was December 31. On July 1, 2024, Marigoid paid $6.120 in legal fees to successfully defend the first copyright in court. On September 1. 2024. Marigold determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 8 years, beginning September 1, 2024. On April 1, 2025, Marigold sold the second copyright for $126.000. Prepare the journal entries on the books of Marigold to record the above transactions. (Hint: don't forget the year-end amortization entries). (If no entry is required, select "No Estry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Feb 1, 2023 ALA2023 Dec 31,2023 Account Titles and Explanation Intangible Assets Coppriests Cash Intangible Asset Bercht Debit

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 8P
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Marigold Enterprises is a large Canadian company traded on the Toronto Stock Exchange. Marigold purchased two copyrights during 2023. The first copyright was purchased on February 1 for $16,800 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $115.200 and was expected to have an indefinite useful life Marigold's fiscal year-end was December 31. On July 1,2024, Marigold paid $6.120 in legal fees to successfully defend the first copyright in court. On September 1. 2024. Marigold determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 8 years, beginning September 1, 2024. On April 1, 2025, Marigold sold the second copyright for $126.000. Prepare the journal entries on the books of Marigold to record the above transactions. (Hint: don't forget the year-end amortization entries). (If no entry is required, select "No Estry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Feb 1, 2023 O ALA2023 Dec 31, 2023 Ja 1.2024 Sept 1.2024 E Dec 31 20240 Apr 1,2025 Account Titles and Explanation Intangible Assets Copyrights Cash Amortization Expense Accumulated Amortization Enprichti Intangible Assets-Copyrights HOCH No Entry No Entry Expense Alromatated Amortization Copyrights (To record amortization expense) Dash Accumulated Amortization Copyrights stangrie Assets Copyrights Baltica Disposal of Intangic Assets (To record disposal) Debit 5280 6120 0 10560 126000 4800
Transcribed Image Text:Marigold Enterprises is a large Canadian company traded on the Toronto Stock Exchange. Marigold purchased two copyrights during 2023. The first copyright was purchased on February 1 for $16,800 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $115.200 and was expected to have an indefinite useful life Marigold's fiscal year-end was December 31. On July 1,2024, Marigold paid $6.120 in legal fees to successfully defend the first copyright in court. On September 1. 2024. Marigold determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 8 years, beginning September 1, 2024. On April 1, 2025, Marigold sold the second copyright for $126.000. Prepare the journal entries on the books of Marigold to record the above transactions. (Hint: don't forget the year-end amortization entries). (If no entry is required, select "No Estry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Feb 1, 2023 O ALA2023 Dec 31, 2023 Ja 1.2024 Sept 1.2024 E Dec 31 20240 Apr 1,2025 Account Titles and Explanation Intangible Assets Copyrights Cash Amortization Expense Accumulated Amortization Enprichti Intangible Assets-Copyrights HOCH No Entry No Entry Expense Alromatated Amortization Copyrights (To record amortization expense) Dash Accumulated Amortization Copyrights stangrie Assets Copyrights Baltica Disposal of Intangic Assets (To record disposal) Debit 5280 6120 0 10560 126000 4800
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