The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of the $150,500 balance in this account at the end of 2021 is as follows: Date Transaction February 3 State incorporation fees and legal costs related to organizing the corporation March 1 Fire insurance premium for three-year period March 15 April 30 June 15 September 30 October 13 Various Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs Total Amount $ 7,500 6,500 21,000 41,000 3,500 13,000 41,000 17,000 $150,500 Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of the $150,500 balance in this account at the end of 2021 is as follows: Date Transaction February 3 State incorporation fees and legal costs related to organizing the corporation March 1 Fire insurance premium for three-year period March 15 April 30 June 15 September 30 October 13 Various Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs Total Amount $ 7,500 6,500 21,000 41,000 3,500 13,000 41,000 17,000 $150,500 Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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