TLM Technologies had these transactions related to intangible assets during the year. Jan. 2 Purchased a patent from Luna Industries for $200,000. The remaining legal life of the patent is 15 years, and TLM expects the patent to be useful for 8 years. Jan. 5 Paid legal fees in a successful legal defense of the patent of $80,000. June 29 Registered a trademark with the federal government. Registration costs were $11,800. TLM expects to use the trademark indefinitely. Sept. 2 Paid research and development costs of $500,000. Required: 1. Prepare the journal entries necessary to record the transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 2 fill in the blank 3a5c77f4ffe0ff9_2 fill in the blank 3a5c77f4ffe0ff9_3 fill in the blank 3a5c77f4ffe0ff9_5 fill in the blank 3a5c77f4ffe0ff9_6 Jan. 5 fill in the blank 3a5c77f4ffe0ff9_8 fill in the blank 3a5c77f4ffe0ff9_9 fill in the blank 3a5c77f4ffe0ff9_11 fill in the blank 3a5c77f4ffe0ff9_12 June 29 fill in the blank 3a5c77f4ffe0ff9_14 fill in the blank 3a5c77f4ffe0ff9_15 fill in the blank 3a5c77f4ffe0ff9_17 fill in the blank 3a5c77f4ffe0ff9_18 Sept. 2 fill in the blank 3a5c77f4ffe0ff9_20 fill in the blank 3a5c77f4ffe0ff9_21 fill in the blank 3a5c77f4ffe0ff9_23 fill in the blank 3a5c77f4ffe0ff9_24 2. Prepare the entries necessary to record amortization expense for the intangible assets. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank ec647e05e029f92_2 fill in the blank ec647e05e029f92_3 fill in the blank ec647e05e029f92_5 fill in the blank ec647e05e029f92_6 Dec. 31 fill in the blank ec647e05e029f92_8 fill in the blank ec647e05e029f92_9 fill in the blank ec647e05e029f92_11 fill in the blank ec647e05e029f92_12 3. What is the balance of the intangible assets at the end of the year? Patent $fill in the blank 435ab6fe800d03f_1 Trademark $fill in the blank 435ab6fe800d03f_2
TLM Technologies had these transactions related to intangible assets during the year. Jan. 2 Purchased a patent from Luna Industries for $200,000. The remaining legal life of the patent is 15 years, and TLM expects the patent to be useful for 8 years. Jan. 5 Paid legal fees in a successful legal defense of the patent of $80,000. June 29 Registered a trademark with the federal government. Registration costs were $11,800. TLM expects to use the trademark indefinitely. Sept. 2 Paid research and development costs of $500,000. Required: 1. Prepare the journal entries necessary to record the transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Jan. 2 fill in the blank 3a5c77f4ffe0ff9_2 fill in the blank 3a5c77f4ffe0ff9_3 fill in the blank 3a5c77f4ffe0ff9_5 fill in the blank 3a5c77f4ffe0ff9_6 Jan. 5 fill in the blank 3a5c77f4ffe0ff9_8 fill in the blank 3a5c77f4ffe0ff9_9 fill in the blank 3a5c77f4ffe0ff9_11 fill in the blank 3a5c77f4ffe0ff9_12 June 29 fill in the blank 3a5c77f4ffe0ff9_14 fill in the blank 3a5c77f4ffe0ff9_15 fill in the blank 3a5c77f4ffe0ff9_17 fill in the blank 3a5c77f4ffe0ff9_18 Sept. 2 fill in the blank 3a5c77f4ffe0ff9_20 fill in the blank 3a5c77f4ffe0ff9_21 fill in the blank 3a5c77f4ffe0ff9_23 fill in the blank 3a5c77f4ffe0ff9_24 2. Prepare the entries necessary to record amortization expense for the intangible assets. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Dec. 31 fill in the blank ec647e05e029f92_2 fill in the blank ec647e05e029f92_3 fill in the blank ec647e05e029f92_5 fill in the blank ec647e05e029f92_6 Dec. 31 fill in the blank ec647e05e029f92_8 fill in the blank ec647e05e029f92_9 fill in the blank ec647e05e029f92_11 fill in the blank ec647e05e029f92_12 3. What is the balance of the intangible assets at the end of the year? Patent $fill in the blank 435ab6fe800d03f_1 Trademark $fill in the blank 435ab6fe800d03f_2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
TLM Technologies had these transactions related to intangible assets during the year.
| Jan. 2 | Purchased a patent from Luna Industries for $200,000. The remaining legal life of the patent is 15 years, and TLM expects the patent to be useful for 8 years. |
| Jan. 5 | Paid legal fees in a successful legal defense of the patent of $80,000. |
| June 29 | Registered a trademark with the federal government. Registration costs were $11,800. TLM expects to use the trademark indefinitely. |
| Sept. 2 | Paid research and development costs of $500,000. |
Required:
1. Prepare the
| Jan. 2 | fill in the blank 3a5c77f4ffe0ff9_2 | fill in the blank 3a5c77f4ffe0ff9_3 | |
| fill in the blank 3a5c77f4ffe0ff9_5 | fill in the blank 3a5c77f4ffe0ff9_6 | ||
| Jan. 5 | fill in the blank 3a5c77f4ffe0ff9_8 | fill in the blank 3a5c77f4ffe0ff9_9 | |
| fill in the blank 3a5c77f4ffe0ff9_11 | fill in the blank 3a5c77f4ffe0ff9_12 | ||
| June 29 | fill in the blank 3a5c77f4ffe0ff9_14 | fill in the blank 3a5c77f4ffe0ff9_15 | |
| fill in the blank 3a5c77f4ffe0ff9_17 | fill in the blank 3a5c77f4ffe0ff9_18 | ||
| Sept. 2 | fill in the blank 3a5c77f4ffe0ff9_20 | fill in the blank 3a5c77f4ffe0ff9_21 | |
| fill in the blank 3a5c77f4ffe0ff9_23 | fill in the blank 3a5c77f4ffe0ff9_24 |
2. Prepare the entries necessary to record amortization expense for the intangible assets. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
| Dec. 31 | fill in the blank ec647e05e029f92_2 | fill in the blank ec647e05e029f92_3 | |
| fill in the blank ec647e05e029f92_5 | fill in the blank ec647e05e029f92_6 | ||
| Dec. 31 | fill in the blank ec647e05e029f92_8 | fill in the blank ec647e05e029f92_9 | |
| fill in the blank ec647e05e029f92_11 | fill in the blank ec647e05e029f92_12 |
3. What is the balance of the intangible assets at the end of the year?
| Patent | $fill in the blank 435ab6fe800d03f_1 |
| Trademark | $fill in the blank 435ab6fe800d03f_2 |
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