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Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Farnsworth Company in 2017.
1. Farnsworth developed a new manufacturing process, incurring research and development costs of $110,000. The company also purchased a patent for $50,000. In early January, Farnsworth capitalized $160,000 as the cost of the patents. Patent amortization expense of $16,000 was recorded based on a 10-year useful life.
2. On July 1, 2017, Farnsworth purchased a small company and as a result acquired good-will of $200,000. Farnsworth recorded a half-year's amortization in 2017, based on a 50-year life ($2,000 amortization). The goodwill has an indefinite life.
Instructions
Question 1: Make/prepare all journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017.
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