Sh17 The intangible assets and goodwill reported by Sandhill Company at December 31, 2023, follow:Patent #1Less: Accumulated amortizationCopyright #1Less: Accumulated amortizationGoodwillTotalJan. 2June 30Sept. 1$ 110,00022,000Oct. 148,00028,80088,000Patent #1 was acquired in January 2022 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2018 andalso has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill duringthe year 2024:19,200220,000$327,200Paid $32,000 of legal costs to successfully defend Patent #1 against infringement by another company.Developed a new product, incurring $185,000 in research costs and $57,600 in development costs, which were paid incash. The development costs were directly related to Patent #2, which was granted for the product on July 1. Itsestimated useful life is equal to its legal life of 20 years.Paid $12,500 to an Olympic athlete to appear in commercials advertising the company's products. The commercialswill air in September.Acquired a second copyright for $19,200 cash. Copyright #2 has an estimated useful life of six years. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry. Record journalentries in the order presented in the problem.)DateJan. 2June 30June 30Sept. 1Oct. 1DateDec. 31Account TitlesDec. 31PatentsCashResearch ExpenseCash(To record research costs.)PatentsCash(To record development costs.)Advertising ExpenseCashCopyrightsCashAccount TitlesAmortization ExpenseAccumulated Amortization - Patents(To record amortization on patents.)Amortization ExpenseAccumulated Amortization - CopyrightsDebit(To record amortization on copyrights.)3200018500010Prepare any adjusting entries required at December 31, 2024, the company's year end, and update the account balances. (Creditaccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" forthe account titles and enter O for the amounts. List debit entry before credit entry.)Debit57600125001920014556Credit586732000Credit185000576001250019200145565867

Patent Amortization Patent 1- Current year amortization = 110000/10 = $11000 (1) Legal fees paid on…

The intangible assets and goodwill reported by Sandhill Company at December 31, 2023, follow: Patent #1 Less: Accumulated amortization Copyright #1 Less: Accumulated amortization Goodwill Total Jan. 2 June 30 Sept. 1 $ 110,000 Oct. 1 22,000 $ 88,000 48,000 28,800 Patent #1 was acquired in January 2022 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2018 and also has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill during the year 2024: 19,200 220,000 $327,200 Paid $32,000 of legal costs to successfully defend Patent #1 against infringement by another company. Developed a new product, incurring $185,000 in research costs and $57,600 in development costs, which were paid in cash. The development costs were directly related to Patent #2, which was granted for the product on July 1. Its estimated useful life is equal to its legal life of 20 years. Paid $12,500 to an Olympic athlete to appear in commercials advertising the company's products. The commercials will air in September. Acquired a second copyright for $19,200 cash. Copyright #2 has an estimated useful life of six years.

The intangible assets and goodwill reported by Sandhill Company at December 31, 2023, follow: Patent #1 Less: Accumulated amortization Copyright #1 Less: Accumulated amortization Goodwill Total Jan. 2 June 30 Sept. 1 $ 110,000 Oct. 1 22,000 $ 88,000 48,000 28,800 Patent #1 was acquired in January 2022 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2018 and also has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill during the year 2024: 19,200 220,000 $327,200 Paid $32,000 of legal costs to successfully defend Patent #1 against infringement by another company. Developed a new product, incurring $185,000 in research costs and $57,600 in development costs, which were paid in cash. The development costs were directly related to Patent #2, which was granted for the product on July 1. Its estimated useful life is equal to its legal life of 20 years. Paid $12,500 to an Olympic athlete to appear in commercials advertising the company's products. The commercials will air in September. Acquired a second copyright for $19,200 cash. Copyright #2 has an estimated useful life of six years.

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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