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Make the adjusting entries as of December

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Question - Nelson Company, organized in 2017, has the following transactions related to intangible assets.

1/2/17 Purchased patent (7-year life) $560,000

4/1/17 Goodwill purchased (indefinite life) $360,000

7/1/17 13-year franchise; expiration date 7/1/2024 $440,000

9/1/17 Research and development costs incurred prior to technological feasibility $448,000

Required - Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017 and recording any necessary amortization and reflecting all balances accurately as of that date.

Reference no: EM132919829

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