Reference no: EM132588612
Question - Carla Vista Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017.
1/2/17 Purchased patent (9-year life) $459,000
4/1/17 Purchase goodwill (indefinite life) 360,300
7/1/17 Purchased franchise with 10-year life; expiration date 7/1/27 462,000
8/1/17 Payment of copyright (5-year life) 156,000
9/1/17 Research and development costs 238,000
$1,675,300
PART 1 - Make the entry as of December 31, 2017, recording any necessary amortization.
PART 2 - Reflect all balances accurately as of December 31, 2017.
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