View Policies Current Attempt in Progress Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2021: Purchased a copyright for $131,340 cash The copyright has a useful life of six years and a remaining legal life of 30 years. Jan 1 Mar 1 Sept. 1 Acquired a franchise with a contract period of nine years for $523.530, the expiration date is March 1, 2000. Paid cash of $40,700 and borrowed the remainder from the bank. Purchased a trademark for $75,580 cash. As the purchase was being finalized, spent $34,450 cash in legal fees to successfully defend the trademark in court.
View Policies Current Attempt in Progress Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2021: Purchased a copyright for $131,340 cash The copyright has a useful life of six years and a remaining legal life of 30 years. Jan 1 Mar 1 Sept. 1 Acquired a franchise with a contract period of nine years for $523.530, the expiration date is March 1, 2000. Paid cash of $40,700 and borrowed the remainder from the bank. Purchased a trademark for $75,580 cash. As the purchase was being finalized, spent $34,450 cash in legal fees to successfully defend the trademark in court.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare Journal entries to record above transaction
Transcribed Image Text:View Policies
Current Attempt in Progress
Ivanhoe Corporation has the following selected transactions during the year ended December 31, 2021:
Purchased a copyright for $131,340 cash The copyright has a useful life of six years and a remaining legal life of 30
years.
Jan
1
Mar
1
Sept.
1
Acquired a franchise with a contract period of nine years for $523.530; the expiration date is March 1, 2030, Paid cash
of $40,700 and borrowed the remainder from the bank.
Purchased a trademark for $75,580 cash. As the purchase was being finalized, spent $34,450 cash in legal fees to
successfully defend the trademark in court.
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