FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Prepare the appropriate journal entries for the capitalization of the asset and the annual amortization. (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. List all debit entries before credit entries.)

 

Crane Data Incorporated collects customer data through a permission-based direct response survey to provide marketing information
to the consumer-packaged goods industry. The customer list is a database that includes customer names, contacts, demographic and
consumer purchasing information. The cost of creating the customer list is $8,190,000. It has a limited life and is amortized on a
straight-line basis over 15 years. Crane has determined that the list has a residual value of $81,900.
Prepare the appropriate journal entries for the capitalization of the asset and the annual amortization. (If no entry is required, select "No
Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not
indent manually. List all debit entries before credit entries.)
Account Titles and Explanation
(To record cost)
(To record amortization)
Debit
Credit
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Transcribed Image Text:Crane Data Incorporated collects customer data through a permission-based direct response survey to provide marketing information to the consumer-packaged goods industry. The customer list is a database that includes customer names, contacts, demographic and consumer purchasing information. The cost of creating the customer list is $8,190,000. It has a limited life and is amortized on a straight-line basis over 15 years. Crane has determined that the list has a residual value of $81,900. Prepare the appropriate journal entries for the capitalization of the asset and the annual amortization. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To record cost) (To record amortization) Debit Credit
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