Reference no: EM131779783
Deadmaus Limited set up a single account for Intangible Assets in 2016. The following is a summary of the $1,349,000 debit balance in the account at December 31, 2016:
Jan 1 Purchased patent (8 year life) 320,000
March 31 Costs to search for new way to apply
Patent purchased Jan 2 21,000
April 1 Purchased goodwill as part of business 310,000
July 1 Purchased franchise with 10 year life
Expires July 1, 2026 250,000
July 1 Promotional costs to increase future
Benefit of goodwill 33,000
Aug 1 Payment for Copyright (5 year life) 140,000
Aug 1 Purchased trademark (3 year life) 15,000
Aug 1 Purchased customer list (7 year life) 21,000
Sep 1 Research costs 239,000
$1,349,000
Required:
a) Prepare the journal entry to clear the "Intangible Asset" account and set up the appropriate spate accounts for distinct types of intangibles and expenses.
b) Make the entries at December 31, 2016 to record amortization where required (pro-rate by month)
c) Provide the related intangible asset amounts reported on the Statement of Financial Position at December 31, 2016
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