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Prepare the necessary journal entries

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Reference no: EM132944109

Question - The followings are three (3) isolated scenarios.

i) Deidre Bhd. purchased a patent on January 1, 2020, for RM2,500,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years from the date of acquisition. On June 30, 2014, the company paid legal costs of RM135,000 in successfully defending the patent in an infringement suit. Prepare the journal entry to amortize the patent at year-end on December 31, 2020.

ii) Corazon Bhd. purchased a franchise from Tastee Food Company for RM400,000 on January 1, 2020. The franchise is for an indefinite time period and gives Clark Company the exclusive rights to sell Tastee Wings in a particular territory. Prepare the journal entry to record the acquisition of the franchise and any necessary adjusting entry at year end on December 31, 2020.

iii) Hulse Company incurred research costs of RM500,000 in 2020 in developing a new product.

Required - Prepare the necessary journal entries during 2020 to record these events and any adjustments at year end on December 31, 2020.

Reference no: EM132944109

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