Distinct types of intangibles

Reference no: EM13818162

Rolanda Marshall Company, organized in 2013, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2014.

1/2/2014	Purchased patent (8-year life)	$350,000
4/1/2014	Purchase goodwill (indefinite life)	$360,000
7/1/2014	Purchased franchise with 10-year life; expiration date 7/1/24	$450,000
8/1/2014	Payment of copyright (5-year life)	$156,000
9/1/2014	Research and development costs	$215,000

1. Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.

Credit account titles are automatically indented when amount is entered. Do not indent manually.)

2. Make the entries as of December 31, 2014, recording any necessary amortization.

(Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reflect all balances accurately as of December 31, 2014. (Use straight-line amortization.)

Reference no: EM13818162

Questions Cloud

Business overview for new planning team members : As a member of Harley-Davidson's strategic planning team, you have been asked to create a five- to six-slide Microsoft PowerPoint presentation titled "Harley-Davidson

How to perform a case study analysis : How to perform a case study analysis (by Karen Schweitzer): Investigate and Analyze the Company's History and Growth. A company's past can greatly affect the present and future state of the organization

Quantitative methods-optimization modeling applications : Explain the importance of correctly stating the objective function and constraints in linear optimization problems.

What information is provided in the balance sheet : what information is provided in the balance sheet? What is a common-sized balance sheet and how do you create one? For your final project company, My project company is Kindred Healthcare.

Distinct types of intangibles : Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.

Demonstrate an understanding of the theory : Marketing decision makers in a firm must constantly monitor competitors' activities - their products, prices, distribution, and promotional effort.

Determine the company''s resources and capabilities : Determine the company's resources, capabilities, and core competencies. Analyze the company's value chain to determine where they can create value using the resources, capabilities, and core competencies discussed above.

Explain an increase or decrease in gross profit : What are the two causes of an increasing or decreasing sales number? Discuss all the reasons that might explain an increase or decrease in gross profit.

Was the real life situation managed as a project : Each student will be required to make a Paper/Presentation to be scheduled at the end of class. Each student will research a failed real life project and write a paper describing the failure. Was the real life situation managed as a project

User Account

All Pages