Prepare necessary entries to clear the intangible assets

Reference no: EM1356794

Rolanda Marshall Company, organized in 2006, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2007.

1/2/07 Purchased patent (8-year life) ] $ 350,000
4/1/07 Purchased goodwill (indefinite life) 360,000
7/1/07 Purchased franchise with 10-year life; expiration date 7/1/17 450,000
8/1/07 Payment of copyright (5-year life) 156,000
9/1/07 Research and development costs 215,000
Total $1,531,000

Instructions:
Prepare the necessary entries to clear the intangible assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2007, recording any necessary amortization and reflecting all balances accurately as of that date. (Use straight-line amortization.)

Reference no: EM1356794

Questions Cloud

How many revolutions per minute does the system make : The 4{rm kg} block in the figure is attached to a vertical rod by means of two strings. When the system rotates about the axis of the rod, the strings are extended and the tension in the upper string is 83N.

Explain what is the difference between quality circles : What is the difference between quality circles and continuous improvement teams? Find an article about quality circles/continuous improvement teams (summarize).

Explain an organizational change initiative : Explain an organizational change initiative you have either been a part of or heard about

Explain the future is too complicated : Explain Gary is frustrated because he is having trouble selecting a career and he says that I cant plan because the future is too complicated.

Prepare necessary entries to clear the intangible assets : Rolanda Marshall Corporation, organized in 2006, has set up a single account for all intangible assets. The given summary discloses the debit entries that have been recorded during 2007.

How far are you from the lightning stroke : compute the tension in the rope if the gymnast slides down the rope with a downward acceleration of magnitude 1.40 m/s^2 .

Traditional measures of operational performance : Give your understanding of the traditional measures of operational performance. Include which traditional measures each of the following managers would be held responsible

Finance based important questions : Winder Corporation is a specialty component manufacturer with idle capacity. Management would like to use its extra capacity to generate additional profits

Potential problems and six steps : Devise a visual or graphic representation of these steps- circular, linear, or another type of figure-- and justify how the model fits that visual representation.

User Account

All Pages