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Question
The Family company was expanding as a result they engaged in the following activities beginning in 2016.
a. Paid $30,000 to the Major League Ballpark to have the Family name displayed on the billboard for three years.
b. Purchased a franchise for $20,000 to operate trolley services around the city for tourists. The trolley service is expected to be decommissioned in 4 years due to the maintenance costs, there is hope that it will remain in service.
c. Purchased a patent for $45,000 the patent was originally filed in 2011
d. The owner of the patent was a well-known inventor and author who sold Family the rights to his novel in exchange for 5,000 shares of stock. The stock has a $5 par value and is currently selling for $25 per share. The novel is expected to sell 1,000,000 copies in the next 2 years.
Required:
Prepare the journal entries to record the amortization of the intangible assets for 2016. Amortize over their legal life unless otherwise noted.
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