Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years. (Credit account titles are automatically indented when 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. List all debit entries before credit entries) Account Titles and Explanation Research and Development Expense Intangible Assets Rent Expense Prepaid Rent Advertising Expense cost Debit 93200 72480 119560 298900 216800 Credit
Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years. (Credit account titles are automatically indented when 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. List all debit entries before credit entries) Account Titles and Explanation Research and Development Expense Intangible Assets Rent Expense Prepaid Rent Advertising Expense cost Debit 93200 72480 119560 298900 216800 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please do not give image format
![Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years. (Credit account titles are
automatically indented when 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. List all debit entries before credit entries.)
Account Titles and Explanation
Research and Development Expense
Intangible Assets
Rent Expense
Prepaid Rent
Advertising Expense
cost
Show Transcribed Text
(To correct the account)
(To record amortization expense)
Debit
93200
72480
119560
298900
216800
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0b68c17-0012-4355-9326-4020008027d9%2Fc561a619-fee1-4148-9f8f-4d8154613456%2Fbo7u4lo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years. (Credit account titles are
automatically indented when 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. List all debit entries before credit entries.)
Account Titles and Explanation
Research and Development Expense
Intangible Assets
Rent Expense
Prepaid Rent
Advertising Expense
cost
Show Transcribed Text
(To correct the account)
(To record amortization expense)
Debit
93200
72480
119560
298900
216800
Credit
![As the recently appointed auditor for Bramble Corporation, you have been asked to examine selected accounts before the 6-mont
financial statements of June 30, 2025, are prepared. The controller for Bramble Corporation mentions that only one account is kep
for intangible assets. The account is shown below.
Jan, 4
Jan. 5
Jan. 31
Feb. 11
March 31
April 30
June 30
Intangible Assets
Research and development costs
Legal costs to obtain patent
Payment of 7 months' rent on property
leased by Bramble
Premium on common stock
Unamortized bond discount on bonds
due March 31, 2045
Promotional expenses related to
start-up of business
Operating losses for first 6 months
Debit
932,000
72,480
85,400
88,800
216,800
247,500
Credit
232,000
Balance
932,000
1,004,480
1,089,880
857,880
946,680
1,163,480
1,410,980](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb0b68c17-0012-4355-9326-4020008027d9%2Fc561a619-fee1-4148-9f8f-4d8154613456%2Fgxvpa9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:As the recently appointed auditor for Bramble Corporation, you have been asked to examine selected accounts before the 6-mont
financial statements of June 30, 2025, are prepared. The controller for Bramble Corporation mentions that only one account is kep
for intangible assets. The account is shown below.
Jan, 4
Jan. 5
Jan. 31
Feb. 11
March 31
April 30
June 30
Intangible Assets
Research and development costs
Legal costs to obtain patent
Payment of 7 months' rent on property
leased by Bramble
Premium on common stock
Unamortized bond discount on bonds
due March 31, 2045
Promotional expenses related to
start-up of business
Operating losses for first 6 months
Debit
932,000
72,480
85,400
88,800
216,800
247,500
Credit
232,000
Balance
932,000
1,004,480
1,089,880
857,880
946,680
1,163,480
1,410,980
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