Kk152. Attempt in ProgressGill Company, organized in 2020, has the following transactions related to intangible assets.1/2/22 Purchased patent (7-year life)4/1/227/1/229/1/22(a1)Purchased a small compaly and as a result recorded goodwill. (indefinite life)Acquired 10-year franchise; expiration date 7/1/2032Incurred research and development costs$595,000360,000480,000185,000Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as ofDecember 31, 2022, recording any necessary amortization. (List all debit entries before credit entries. Credit account titlesare automatically indented when amount is entered. Do not indent manually. Record journal entries in the orderpresented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts)

Answer : Journal entries : Date Explanation Debit Credit 1/2/20 Patent a/c Dr. $595,000…

Answered: patent (7-year life) Purchased a small…

patent (7-year life) Purchased a small compaly and as a result recorded goodwill. (indeff Acquired 10-year franchise; expiration date 7/1/2032

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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Question

Kk152.

Attempt in Progress
Gill Company, organized in 2020, has the following transactions related to intangible assets.
1/2/22 Purchased patent (7-year life)
4/1/22
7/1/22
9/1/22
(a1)
Purchased a small compaly and as a result recorded goodwill. (indefinite life)
Acquired 10-year franchise; expiration date 7/1/2032
Incurred research and development costs
$595,000
360,000
480,000
185,000
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of
December 31, 2022, recording any necessary amortization. (List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order
presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts)

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