Chapter 9, Problem 9.12E

(a)

To determine

Intangible Assets: These are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. Example: Patent, Trademark, Goodwill, Copyrights, Research and Development costs, Franchise.

Amortization: It is the process of allocating the value of the intangible assets over its estimated useful life.

To record: the journal entries for intangible assets during 2017.

(b)

To determine

To record: the journal entries for amortization expense as on December 31, 2017.

(c)

To determine

To indicate: the intangible assets accounted balances to be reported as on December 31, 2017.