RANCIAL ACCOUNTING (ACCT 020 Assignment nt Gradebook ORION Downloadable eTextboo

Question

RANCIAL ACCOUNTING (ACCT 020 Assignment nt Gradebook ORION Downloadable eTextbook nt CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRIN NEXT Exercise 9-13 (Part Level Submission) Gill Company, organized in 2015, has the following transactions related to intangible assets. 1/2/15 4/1/15 7/1/15 9/1/15 Purchased patent (8-year life) Goodwill purchased (indefinite life) 10-year franchise; expiration date 7/1/2025 Research and development costs $714,400 359,870 478,600 194,600 (a1) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2015, recording any necessary amortization. (Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent maneally) Credit Debit Date Account Titles and Explanation Show all Major Benefits of..ocx qx 11/5/2017

Explanation / Answer

Debit Credit 01-02-2015 Patents 714400 Cash 714400 04-01-2015 Goowill 359870 Cash 359870 07-01-2015 Franchise 478600 Cash 478600 09-01-2015 Research and development Cost 194600 Cash 194600 31-12-2015 Amortization Expense—Patent 714400/8 89300 Amortization Expense—Franchise 478600/10 59825 Patents 89300 Franchise 59825

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