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Skysong, Inc., organized in 2022, has the following transactions related to intangible assets. 1/2/22 Purchased patent (7-year life) 4/1/22 Goodwill purchased (indefinite life) 7/1/22 9/1/22 Acquired 10-year franchise; expiration date 7/1/2032 Incurred research and development costs Calculate ending balances as at 12/31/22. Patents Goodwill Franchises Research and Development Expense Amortization Expense s s $535,500 360,000 400,000 172,000 Ending balances

Skysong, Inc., organized in 2022, has the following transactions related to intangible assets. 1/2/22 Purchased patent (7-year life) 4/1/22 Goodwill purchased (indefinite life) 7/1/22 9/1/22 Acquired 10-year franchise; expiration date 7/1/2032 Incurred research and development costs Calculate ending balances as at 12/31/22. Patents Goodwill Franchises Research and Development Expense Amortization Expense s s $535,500 360,000 400,000 172,000 Ending balances

FINANCIAL ACCOUNTING
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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Skysong, Inc., organized in 2022, 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 Goodwill purchased (indefinite life) Acquired 10-year franchise; expiration date 7/1/2032 Incurred research and development costs Calculate ending balances as at 12/31/22. Patents Goodwill Franchises Research and Development Expense Amortization Expense $ $535,500 360,000 400,000 172,000 Ending balances
Transcribed Image Text:Skysong, Inc., organized in 2022, 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 Goodwill purchased (indefinite life) Acquired 10-year franchise; expiration date 7/1/2032 Incurred research and development costs Calculate ending balances as at 12/31/22. Patents Goodwill Franchises Research and Development Expense Amortization Expense $ $535,500 360,000 400,000 172,000 Ending balances
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