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Record any necessary straight-line amortization

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The general journal of Kevin Berry Industries included the following entries relating to various expenditures during 20X5. Review this information and prepare corresponding entries to record any necessary straight-line amortization or other impairment for the year ending December 31.

GENERAL JOURNAL

Date

Accounts

Debit

Credit

1-Jan

Patent

30,000

 

 

Cash

 

30,000

 

Acquired a patent from an inventor.   The patent has a 15-year remaining legal life, but it is expected that Berry will utilize the patent for only 5 years.

 

 

 

 

 

 

15-May

Research Expense

12,000

 

 

Cash

 

12,000

 

Incurred costs in research and development activity.  It is possible these costs will result in new product with a 48-month life.

 

 

 

 

 

 

1-Sep

Inventory

25,000

 

 

Building

75,000

 

 

Goodwill

50,000

 

 

Cash

 

150,000

 

To record purchase of business, expected to be operated successfully for an indefinite number of future years.

 

 

 

 

 

 

20-Dec

Copyright

10,000

 

 

Cash

 

10,000

 

Purchased copyright to a video production, but concluded that it was worthless by year's end.

 

 

Reference no: EM13852441

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