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Prepare year-end adjusting journal entries to record expense

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Reference no: EM132747741

Question - The following information concerns the intangible assets of Epstein Corporation:

1. On June 30, 2021, Epstein completed the acquisition of the Johnstone Corporation for $1,880,000 in cash. The fair value of the net identifiable assets of Johnstone was $1,600,000.

2. Included in the assets purchased from Johnstone was a patent that was valued at $76,800. The remaining legal life of the patent was 13 years, but Epstein believes that the patent will only be useful for another eight years.

3. Epstein acquired a franchise on October 1, 2021, by paying an initial franchise fee of $192,000. The contractual life of the franchise is 10 years.

Required -

1. Prepare year-end adjusting journal entries to record amortization expense on the intangibles at December 31, 2021.

2. Prepare the intangible asset section of the December 31, 2021, balance sheet.

1. Record the goodwill amortization.

2. Record the amortization of patent.

3. Record the amortization of franchise.

Reference no: EM132747741

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