Wildhorse Equipment Company, organized in 2025, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Research and development costs $180,400. (a) Purchased a patent (5-year life) $316,800. Trademark purchased (indefinite life) $351,000. Acquired a 9-year franchise; expiration date July 1, 2034, $702,000. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatical indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Credit

Wildhorse Equipment Company, organized in 2025, has these transactions related to intangible assets in that year: Jan. 2 Apr. 1 July 1 Sept. 1 Research and development costs $180,400. (a) Purchased a patent (5-year life) $316,800. Trademark purchased (indefinite life) $351,000. Acquired a 9-year franchise; expiration date July 1, 2034, $702,000. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. (Credit account titles are automatical indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 62E

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