These are selected 2025 transactions for Sheffield Corporation: Jan, 1 Mar. 1 Sept. 1 Purchased a copyright for $129.000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $72,000. Purchased a small company and recorded goodwill of $159,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select 'No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Dec. 31 Dec. 31 Dec 31 (To record amortization of Copyrights) (To record amortization of Patents Debit Credit
These are selected 2025 transactions for Sheffield Corporation: Jan, 1 Mar. 1 Sept. 1 Purchased a copyright for $129.000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $72,000. Purchased a small company and recorded goodwill of $159,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select 'No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Dec. 31 Dec. 31 Dec 31 (To record amortization of Copyrights) (To record amortization of Patents Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:These are selected 2025 transactions for Sheffield Corporation:
Jan, 1
Mar. 1
Sept. 1
Purchased a copyright for $129.000. The copyright has a useful life of 6 years and a remaining legal life of 30 years
Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $72,000.
Purchased a small company and recorded goodwill of $159,000. Its useful life is indefinite.
Prepare all adjusting entries at December 31 to record amortization required by the events. (List debit entry before credit entry.
Credit account titles are automatically indented when the 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
Dec. 31
Dec. 31
Dec. 31
(To record amortization of Copyrights)
(To record amortization of Patents)
Debit
Credit
111
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