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Prepare journal entries to record transactions for oriole co

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Reference no: EM132754191

The intangible assets and goodwill reported by Oriole Corporation at December 31, 2020, follow:

Copyrights (#1)$36,100

Less: Accumulated amortization 18,050

Trademarks54,680

Goodwill 124,070

Total $196,800

  • A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually.

The following cash transactions may have affected intangible assets and goodwill during 2021:

Jan.5

Paid $7,370 in legal costs to successfully defend the trademarks against infringement by another company.

July1

Developed a new product, incurring $222,580 in research and $46,600 in development costs with probable future benefits. The product is expected to have a useful life of 20 years.

Sept. 1

Paid $61,820 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September.

Oct.1

Acquired another copyright (#2) for $159,000. The new copyright has a useful life of six years.

Dec.31

Determined the fair value of the goodwill to be $98,650. There was no indication that the copyrights or trademarks were impaired.

PROBLEM 1: Prepare journal entries to record the above transactions.

Reference no: EM132754191

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