The intangible assets section of Pina Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($73,300 cost less $6,900 amortization) $66,400 Copyrights ($57,000 cost less $46,700 amortization) 10,300 Total $76,700 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $54,000 legal costs to successfully defend the patent against infringement by another company. Jan.– June Developed a new product, incurring $241,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000. Sept. 1 Paid $68,000 to a quarterback to appear in commercials advertising the company’s products. The commercials will air in September and October. Oct. 1 Acquired a copyright for $275,000. The copyright has a useful life and legal life of 50 years. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare journal entries to record the 2023 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record amortization of patents on December 31 enter a debit amount enter a credit amount enter an account title to record amortization of patents on December 31 enter a debit amount enter a credit amount (To record amortization of patents) Dec. 31 enter an account title to record amortization of copyrights on December 31 enter a debit amount enter a credit amount enter an account title to record amortization of copyrights on December 31 enter a debit amount enter a credit amount (To record amortization of copyrights) eTextbook and Media List of Accounts Prepare the intangible assets section of the balance sheet at December 31, 2023. Pina Corporation Balance Sheet (Partial) choose an accounting period December 31, 2023For the Year Ended December 31, 2023For the Month Ended December 31, 2023 select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount $enter a total amount for this section

The intangible assets section of Pina Corporation’s balance sheet at December 31, 2022, is presented here. Patents ($73,300 cost less $6,900 amortization) $66,400 Copyrights ($57,000 cost less $46,700 amortization) 10,300 Total $76,700 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $54,000 legal costs to successfully defend the patent against infringement by another company. Jan.– June Developed a new product, incurring $241,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000. Sept. 1 Paid $68,000 to a quarterback to appear in commercials advertising the company’s products. The commercials will air in September and October. Oct. 1 Acquired a copyright for $275,000. The copyright has a useful life and legal life of 50 years. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare journal entries to record the 2023 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an account title to record amortization of patents on December 31 enter a debit amount enter a credit amount enter an account title to record amortization of patents on December 31 enter a debit amount enter a credit amount (To record amortization of patents) Dec. 31 enter an account title to record amortization of copyrights on December 31 enter a debit amount enter a credit amount enter an account title to record amortization of copyrights on December 31 enter a debit amount enter a credit amount (To record amortization of copyrights) eTextbook and Media List of Accounts Prepare the intangible assets section of the balance sheet at December 31, 2023. Pina Corporation Balance Sheet (Partial) choose an accounting period December 31, 2023For the Year Ended December 31, 2023For the Month Ended December 31, 2023 select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount $enter a total amount for this section

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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Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Jan. 2Jan.–JuneJuly 1Sept. 1Oct. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Prepare journal entries to record the 2023 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31	enter an account title to record amortization of patents on December 31	enter a debit amount	enter a credit amount
	enter an account title to record amortization of patents on December 31	enter a debit amount	enter a credit amount
	(To record amortization of patents)
Dec. 31	enter an account title to record amortization of copyrights on December 31	enter a debit amount	enter a credit amount
	enter an account title to record amortization of copyrights on December 31	enter a debit amount	enter a credit amount
	(To record amortization of copyrights)

eTextbook and Media

List of Accounts

Prepare the intangible assets section of the balance sheet at December 31, 2023.

Pina Corporation Balance Sheet (Partial) choose an accounting period December 31, 2023For the Year Ended December 31, 2023For the Month Ended December 31, 2023
select an opening name for subsection one Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity
enter a balance sheet item					$enter a dollar amount
enter a balance sheet item					enter a dollar amount
					$enter a total amount for this section

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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Patents ($73,300 cost less $6,900 amortization)		$66,400
Copyrights ($57,000 cost less $46,700 amortization)		10,300
Total		$76,700

Jan.	2	Paid $54,000 legal costs to successfully defend the patent against infringement by another company.
Jan.–	June	Developed a new product, incurring $241,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000.
Sept.	1	Paid $68,000 to a quarterback to appear in commercials advertising the company’s products. The commercials will air in September and October.
Oct.	1	Acquired a copyright for $275,000. The copyright has a useful life and legal life of 50 years.