The following are selected 2020 transactions of Kingbird Ltd. Jan. 1 Purchased a small company and recorded goodwill of €155,000. Its useful life is indefinite. May 1 Purchased for €142,500 a patent with an estimated useful life of 5 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (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 manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record goodwill amortization.) Dec. 31 (To record patent amortization.) please make sur ethe answer is correct 100%

The following are selected 2020 transactions of Kingbird Ltd. Jan. 1 Purchased a small company and recorded goodwill of €155,000. Its useful life is indefinite. May 1 Purchased for €142,500 a patent with an estimated useful life of 5 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (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 manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record goodwill amortization.) Dec. 31 (To record patent amortization.) please make sur ethe answer is correct 100%

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 8P

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bartleby, a Learneo, Inc. business

Jan. 1		Purchased a small company and recorded goodwill of €155,000. Its useful life is indefinite.
May 1		Purchased for €142,500 a patent with an estimated useful life of 5 years and a legal life of 19 years.

Date	Account Titles and Explanation	Debit	Credit
Dec. 31

	(To record goodwill amortization.)
Dec. 31

	(To record patent amortization.)