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Prepare the necessary entries to record these intangibles

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Reference no: EM133066234

Problem - Keshawn Company, organized in 2017, has these transactions related to intangible assets in that year:

Jan. 2 Purchased a patent (5-year life) $330,000.

Apr. 1 Goodwill purchased (indefinite life) $360,000.

July 1 Acquired a 9-year franchise $450,000.

Sept. 1 Research and development costs $185,000.

Required -

(a) Prepare the necessary entries to record these intangibles. All costs incurred were for cash.

(b) Make the entries as of December 31, 2017, recording any necessary amortization.

(c) Indicate what the balances should be on December 31, 2017.

Reference no: EM133066234

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