On January 1, 2025. Oriole Company had a balance of $316,800 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2025, the company had the following additional transactions 2 Purchased a patent (5-year life) $246,400 July 1 Acquired a 9-year franchise; expiration date July 1, 2034, $475,200 Sept. 1 Research and development costs $162,800 Jan Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash (List debit entry before credit entry Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit
On January 1, 2025. Oriole Company had a balance of $316,800 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2025, the company had the following additional transactions 2 Purchased a patent (5-year life) $246,400 July 1 Acquired a 9-year franchise; expiration date July 1, 2034, $475,200 Sept. 1 Research and development costs $162,800 Jan Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash (List debit entry before credit entry Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 38P
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