The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that weredebited to one account called intangible asset. A recap of the $252,500 balance in this account at the end of 2021 is as follows:DateTransactionAmountState incorporation fees and legal costs related to organizing the corporationFire insurance premium for three-year periodPurchased a copyrightResearch and development costsLegal fees for filing a patent on a new product resulting from an R&D project$ 9,5007,50040,00060, 0007,50032,00060, 00036,000February 3March 1March 15April 30June 15September 30 Legal fee for successful defense of patent developed aboveEntered into a 10-year franchise agreement with franchisorAdvertising costsOctober 13VariousTotal$252,500Required:Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, othertypes of assets, and expenses indicated by the transactions. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheet

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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 $252,500 balance in this account at the end of 2021 is as follows: Date Transaction Amount $ 9,500 7,500 State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project February 3 March 1 March 15 40,e00 60, e00 7,500 32,000 60, ee0 36,000 April 30 June 15 September 30 Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs October 13 Various Total $252,500 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 $252,500 balance in this account at the end of 2021 is as follows: Date Transaction Amount $ 9,500 7,500 State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project February 3 March 1 March 15 40,e00 60, e00 7,500 32,000 60, ee0 36,000 April 30 June 15 September 30 Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs October 13 Various Total $252,500 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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please need help with must must explanation , narrations , computation for each entry and for each calculation , parts answer in text form