CALCULATOR PRINTER VERS Exercise 9-11 Your answer is partially correct. Try agai

Question

CALCULATOR PRINTER VERS Exercise 9-11 Your answer is partially correct. Try again. These are selected 2017 transactions for Monty Corporation: Jan. 1 Purchased a copyright for $221,900. The copyright has a useful life of 7 years and a remaining legal life of 34 years Mar. 1 Purchased a patent with an estimated useful life of 6 years and a legal life of 22 years for $137,880. Sept. 1 Purchased a small company and recorded goodwill of $152,300. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events.(Credit account titles are autom when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account title the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 ???? ? (To record amortization of Copyrights) Dec. 31 (To record amortization of Patents) Dec. 31 Cash (To record amortization of Goodwill) Question Attempts: 1 of S used SAVE FOR LATERSUBM

Explanation / Answer

Date account titles and explanations Debit Credit 31-Dec amortization expense 31700 copyrights 31,700 (221900/7) 31-Dec Amortization expense 19150 patents 19,150 (137880/6)*10/12 31-Dec No Entry

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