Below are several accounts and balances from the 2013 financial statements for V
ID: 2420278 • Letter: B
Question
Below are several accounts and balances from the 2013 financial statements for Valcaria, Inc.. Prepare the intangible asset section of the company’s balance sheet, as well as a partial income statement using the accounts provided.
Amortization expense
$ 32,000
Amortization since inception
89,000
Loss on sale of copyright
12,000
Copyright
120,000
Patents
60,000
Land
80,000
Goodwill
140,000
Research and development costs
160,000
Amortization expense
$ 32,000
Amortization since inception
89,000
Loss on sale of copyright
12,000
Copyright
120,000
Patents
60,000
Land
80,000
Goodwill
140,000
Research and development costs
160,000
Explanation / Answer
Balance Sheet Goodwill 1,40,000 Patents 60,000 Copyright 1,20,000 Total 3,20,000 Less: Amortization since inception 89,000 Net Intangible Assets 2,31,000 P&L Account Amortization expense $ 32,000 Debit Research and development costs 1,60,000 Debit Loss on sale of copyright 12,000 Debit
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