Solution-Prepare necessary entry to clear intangible assets

Prepare necessary entry to clear intangible assets account

Reference no: EM132747878

Question: Crane Limited organized late in 2016 and set up a single account for all intangible assets. The following summary shows the entries in 2017 (all debits) that have been recorded in Intangible Assets since then:

Jan.2 Purchased patent (8-year life) $341,000Mar. 31Costs to search for new ways to apply patent that was purchased on Jan. 221,000

Apr.1 Purchased goodwill (indefinite life) 304,000July.1 Purchased franchise with 10-year life; expiration date July 1, 2027 249,0001Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 133,000

Aug.1 Payment for copyright (5-year life) 128,0001 Purchased trademark (3-year life) 15,4001 Purchased customer list (2-year life) 9,800Sept.1 Research costs 230,000 $1,331,200

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

Reference no: EM132747878

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Prepare necessary entry to clear intangible assets account

Reference no: EM132747878

Reference no: EM132747878

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