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Sponad SUSTES for Pharoah Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Pharoah mentio one account is kept for intangible assets. The entries in Intangible Assets since January 1.2023 are as follows INTANGIBLE ASSETS Jan 4 5 Feb. 11 Apr 30 June 1 30 Prepare the journal entry or entries needed to co 30. Assume that the patent and the dev are auton tically indented when the on and enter O for the amounts List oll debit entries befo Account Titles and Explanation Research costs Legal costs to obtain patent Payment of seven months rent on property leased by P Research and Development Experie nangila Asen-Paten Prasad Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criterial Start-up costs for first six months of operations Rent Expense Operasing Nous Pe for Expe (To correct intangible asset account) ah February to August treat t Debit Debit 40000 1056.200 42.000 49.700 168.000 225.000 311,000 rent between the prepaid and expense accounts at Jun of 20 years d that aroah follows IFRS edit account titles select "No Entry for the accountles Leg 5.125 Credit Credit OOOOO 304.200

Sponad SUSTES for Pharoah Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Pharoah mentio one account is kept for intangible assets. The entries in Intangible Assets since January 1.2023 are as follows INTANGIBLE ASSETS Jan 4 5 Feb. 11 Apr 30 June 1 30 Prepare the journal entry or entries needed to co 30. Assume that the patent and the dev are auton tically indented when the on and enter O for the amounts List oll debit entries befo Account Titles and Explanation Research costs Legal costs to obtain patent Payment of seven months rent on property leased by P Research and Development Experie nangila Asen-Paten Prasad Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criterial Start-up costs for first six months of operations Rent Expense Operasing Nous Pe for Expe (To correct intangible asset account) ah February to August treat t Debit Debit 40000 1056.200 42.000 49.700 168.000 225.000 311,000 rent between the prepaid and expense accounts at Jun of 20 years d that aroah follows IFRS edit account titles select "No Entry for the accountles Leg 5.125 Credit Credit OOOOO 304.200

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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B As the recently appointed auditor for Pharoah Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Pharoah mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2023 are as follows INTANGIBLE ASSETS Jan 4 5 Feb. 11 Apr 30 June 1 30 Research costs Legal costs to obtain patent Payment of seven months rent on property leased by Pha Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criterial Start-up costs for first six months of operations Account Titles and Explanation Research and Development Expense Intangibila Asses-Pate Rent pens Prisl Advertising Expense Income Summary Operating Expens Notes Parable Interest Expe (To correct intangible asset account) Prepare the journal entry or entries needed to correct this account Allocat between the prepaid and expense accounts at Jun 30. Assume that the patent and the development costs have a useful life of 10 years and that Pharoah follows IFRS. (Credit account titles ane automatically indented when the anidunt is entered Do not indet manual maand select "No Entry for the accounts and enter O for the amounts List oll debit entries before places, 5125 onization Dideme Intangible Assets (To record amortization expense) Amortization Expir Accumulated Ampton Pano (to record amortization expense) February to August Debit ANNAARMUD NO CO 92000 29500 14200 Debit 13000 1.056,200 42.000 49.700 168.000 225.000 311.000 Credit Credit 1100 304.200
Transcribed Image Text:B As the recently appointed auditor for Pharoah Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Pharoah mentions that only one account is kept for intangible assets. The entries in Intangible Assets since January 1, 2023 are as follows INTANGIBLE ASSETS Jan 4 5 Feb. 11 Apr 30 June 1 30 Research costs Legal costs to obtain patent Payment of seven months rent on property leased by Pha Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criterial Start-up costs for first six months of operations Account Titles and Explanation Research and Development Expense Intangibila Asses-Pate Rent pens Prisl Advertising Expense Income Summary Operating Expens Notes Parable Interest Expe (To correct intangible asset account) Prepare the journal entry or entries needed to correct this account Allocat between the prepaid and expense accounts at Jun 30. Assume that the patent and the development costs have a useful life of 10 years and that Pharoah follows IFRS. (Credit account titles ane automatically indented when the anidunt is entered Do not indet manual maand select "No Entry for the accounts and enter O for the amounts List oll debit entries before places, 5125 onization Dideme Intangible Assets (To record amortization expense) Amortization Expir Accumulated Ampton Pano (to record amortization expense) February to August Debit ANNAARMUD NO CO 92000 29500 14200 Debit 13000 1.056,200 42.000 49.700 168.000 225.000 311.000 Credit Credit 1100 304.200
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