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Prepare the note to the financial statements

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Reference no: EM131795987

The intangible assets section of Cedeno Corporation's balance sheet at December 31, 2014, is presented here

Patents ($60,000 cost less $6,000 amortization) $54,000
Copyrights ($36,000 cost less $25,200 amortization) 10,800
Total $64,800

The patent was acquired in January 2014 and has a useful life of 10 years. The copyright was acquired in January 2008 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2015.

Jan.  2 Paid $46,800 legal costs to successfully defend the patent against infringement by another company.
Jan.- June Developed a new product, incurring $230,000 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000.
Sept.  1 Paid $40,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October.
Oct.  1 Acquired a copyright for $200,000. The copyright has a useful life and legal life of 50 years.

Prepare the note to the financial statements on Cedeno Corporation's intangible assets as of December 31, 2015.

Reference no: EM131795987

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