Metlock, Inc., spent $48,600 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $48,600 expenditure and the first year's amortization, using an 6-year life. Use the account title "Trade Names". (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record expenditure of trade names) (To record amortization expense)

Metlock, Inc., spent $48,600 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $48,600 expenditure and the first year's amortization, using an 6-year life. Use the account title "Trade Names". (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record expenditure of trade names) (To record amortization expense)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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