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Prepare the necessary entries to record these intangibles

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Question - Whispering Winds Company, organized in 2020, has the following transactions related to intangible assets.

1/2/22 Purchased patent (6-year life) $420,000

4/1/22 Purchased a small compaly and as a result recorded goodwill. (indefinite life) 360,000

7/1/22 Acquired 15-year franchise; expiration date 7/1/2032 600,000

9/1/22 Incurred research and development costs 184,000

Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization. Calculate ending balances as at 12/31/22.

Reference no: EM133050004

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