112. Prepare journal entries to record the transactions above. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If noentry is required, select "No Entry" for the account titles and enter O for the amounts)Account Titles and ExplanationDateOct. 1ADatePrepare journal entries to record the 2023 amortization expense for intangible assets. (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 orderpresented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)VAccount Titles and Explanation(To record patents amortization)(To record franchise amortization)Debit$DebitPrepare the intangible assets section of the balance sheet at December 31, 2023.Bramble CompanyBalance Sheet (Partial)CreditCredit The intangible assets section of Bramble Company at December 31, 2022, is presented here.Patents ($75,000 cost less $7,500 amortization)Franchises ($53,400 cost less $21,360 amortization)TotalJan. 2Sept.1The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has auseful life of 10 years. The following cash transactions may have affected intangible assets during 2023.Oct. 1Nov.-Dec.$67,500(a)32,040$99,540Paid $33,300 legal costs to successfully defend the patent against infringement by another company.Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. Thecommercials aired in September and October.Acquired a franchise for $126,600. The franchise has a useful life of 50 years.Developed a new product, incurring $139,000 in research and development costs during December. A patent wasgranted for the product on January 1, 2024.

The straight-line method of depreciation allocates the cost of the assets equally over the useful…

Patents ($75,000 cost less $7,500 amortization) Franchises ($53,400 cost less $21,360 amortization) Total The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Sept. 1 Oct. 1 $67,500 32,040 $99,540 Nov.- Dec. Paid $33,300 legal costs to successfully defend the patent against infringement by another company. Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Acquired a franchise for $126,600. The franchise has a useful life of 50 years. Developed a new product, incurring $139,000 in research and development costs during December. A patent was granted for the product on January 1, 2024.

Patents ($75,000 cost less $7,500 amortization) Franchises ($53,400 cost less $21,360 amortization) Total The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Sept. 1 Oct. 1 $67,500 32,040 $99,540 Nov.- Dec. Paid $33,300 legal costs to successfully defend the patent against infringement by another company. Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Acquired a franchise for $126,600. The franchise has a useful life of 50 years. Developed a new product, incurring $139,000 in research and development costs during December. A patent was granted for the product on January 1, 2024.

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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