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Question - Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Blue Spruce Company in 2022.
1. Blue Spruce developed a new manufacturing process, incurring research and development costs of $132,000. The company also purchased a patent for $58,000. In early January, Blue Spruce capitalized $190,000 as the cost of the patents. Patent amortization expense of $19,000 was recorded based on a 10-year useful life.
2. On July 1, 2022, Blue Spruce purchased a small company and as a result recorded goodwill of $100,000. Blue Spruce recorded a half-year's amortization in 2022, based on a 50-year life ($1,000 amortization).
Required - Prepare all journal entries necessary to correct any errors made during 2022. Assume the books have not yet been closed for 2022.
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