This is not a new question. I am just asking for clarification on the solution to my question. I attached the picture of the question I submitted. There are two issues with that solution: 1. There are no accounts like Leasehold Expense or Prepaid Leave. Please, clarify that. 2. I asked for the following journal entries: Dec. 31, 2020 (To clear Intangible Assets account) Dec. 31, 2020 (To correct for amortization on franchises) Dec. 31, 2020 (To correct for rent payments) Dec. 31, 2020 (To record amortization expense on patents) Dec. 31, 2020 (To record amortization expense on licences) Dec. 31, 2020 (To record amortization expense on development cost)
This is not a new question. I am just asking for clarification on the solution to my question. I attached the picture of the question I submitted. There are two issues with that solution:
1. There are no accounts like Leasehold Expense or Prepaid Leave. Please, clarify that.
2. I asked for the following journal entries:
Dec. 31, 2020 (To clear Intangible Assets account)
Dec. 31, 2020 (To correct for amortization on franchises)
Dec. 31, 2020 (To correct for rent payments)
Dec. 31, 2020 (To record amortization expense on patents)
Dec. 31, 2020 (To record amortization expense on licences)
Dec. 31, 2020 (To record amortization expense on development cost)
Please, clearly state each
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