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Make the journal entries necessary to correct any errors

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Question - Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Blue Company in 2017.

1. Blue developed a new manufacturing process, incurring research costs of €94,800 and development costs prior to technological feasibility of €55,500. The company also purchased a patent for €57,600. In early January, Blue capitalized €207,900 as the cost of the patents. Patent amortization expense of €10,395 was recorded based on a 20-year useful life.

2. On July 1, 2017, Blue purchased a small company and as a result acquired goodwill of €95,500. Blue recorded a half-year's amortization in 2017, based on a 50-year life (€955 amortization). The goodwill has an indefinite life.

Make the journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017.

Reference no: EM132547619

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