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 (a1) Goodwill purchased (indefinite life) Acquired 10-year franchise: expiration date 7/1/2032 Incurred research and development costs $535,500 360,000 Date 400,000 172,000 Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization. (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 o for the amounts) Account Titles and Explanation Debit Credit

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 (a1) Goodwill purchased (indefinite life) Acquired 10-year franchise: expiration date 7/1/2032 Incurred research and development costs $535,500 360,000 Date 400,000 172,000 Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization. (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 o for the amounts) Account Titles and Explanation Debit Credit

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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