Chapter 9, Problem 9.4AP

(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.

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

To Record: the journal entries for the accounts related to intangible assets.

(b)

To determine

To prepare: the journal entries to record the 2015 amortization expense for intangible assets.

(c)

To determine

To Prepare: the intangible assets section of the balance sheet at December 31, 2015.

(d)

To determine

To Prepare: the note to financial statements on C Corporation’s intangible assets as of December 31, 2015.