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The intangible assets section of Glover Ltd. at December 31, 2016, is presented below.
Patents (£60,000 cost less £6,000 amortization) £54,000Franchises (£48,000 cost less £19,200 amortization) 28,800 Total £82,800
Instructions
Question (a) Prepare journal entries to record the transactions above.
Question (b) Prepare journal entries to record the 2017 amortization expense.
Question (c) Prepare the intangible assets section of the statement of financial position at December 31, 2017.
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