Please don't provide answer in image format thank you Swifty Enterprises has a December 31 fiscal year end and uses straight-line amortization to the nearestmonth for its finite-life intangible assets. The company has provided you with the following informationrelated to its intangible assets and goodwill during 2023 and 2024:2023Jan. 9May 15Dec. 31Dec. 312024Jan. 2Mar. 31Apr. 1July 1Dec. 31Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for$45,000 cash.Purchased another company and recorded goodwill of $600,000 as part of the purchase.Recorded adjusting entries as required for amortization.Tested assets for impairment and determined the patent and the goodwill's recoverableamounts were $39,000 and $544,000, respectively.Incurred legal fees of $30,000 to successfully defend the patent.Incurred research costs of $167,000.Purchased a copyright for $54,000 cash. The company expects the copyright will benefit thecompany for 10 years.Purchased a trademark with an indefinite expected life for $200,000 cash.Recorded adjusting entries as required for amortization. Record the transactions and adjusting entries as required. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter O for the amounts. List all debit entries before creditentries. Record journal entries in the order presented in the problem.)Date20232024O()(OCAccount Titles(To record amortization expense.)(To record impairment loss on goodwill.)Debit

Solution:Journal entries:Date General Journal Debit $Credit $2023Jan. 9 Patent $ 45,000 Cash $…

Swifty Enterprises has a December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-life intangible assets. The company has provided you with the following information related to its intangible assets and goodwill during 2023 and 2024: 2023 Jan. 9 May 15 Dec. 31 Dec. 31 2024 Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $45,000 cash. Purchased another company and recorded goodwill of $600,000 as part of the purchase. Recorded adjusting entries as required for amortization. Tested assets for impairment and determined the patent and the goodwill's recoverable amounts were $39,000 and $544,000, respectively.

Swifty Enterprises has a December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-life intangible assets. The company has provided you with the following information related to its intangible assets and goodwill during 2023 and 2024: 2023 Jan. 9 May 15 Dec. 31 Dec. 31 2024 Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $45,000 cash. Purchased another company and recorded goodwill of $600,000 as part of the purchase. Recorded adjusting entries as required for amortization. Tested assets for impairment and determined the patent and the goodwill's recoverable amounts were $39,000 and $544,000, respectively.

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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