Chapter 9, Problem 9.7BP

(a)

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.

To determine

To record: the journal entries given transactions.

(b)

To determine

To record: the adjusting journal entries given transactions.

(c)

To determine

To prepare: the intangible assets to be reported in the balance sheet.

(d)

To determine

To prepare: the note to the financials on Company W’s intangibles as of December 31, 2016.