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Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 (To record copyrights amortization) (To record patent amortization) (To record goodwill amortization) Debit Credit [[ ]]

Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 (To record copyrights amortization) (To record patent amortization) (To record goodwill amortization) Debit Credit [[ ]]

FINANCIAL ACCOUNTING
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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Hello! I need URGENT help with this accounting problem, thank you in advance! We have to prepare all adjusting entries at December 31 to record amortization required by the events. If no entry is required, state "no entry" Thank you in advance.

 

Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 (To record copyrights amortization) (To record patent amortization) (To record goodwill amortization) Debit Credit
Transcribed Image Text:Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 (To record copyrights amortization) (To record patent amortization) (To record goodwill amortization) Debit Credit
These are selected 2022 transactions for Oriole Company. Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $56,400. Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
Transcribed Image Text:These are selected 2022 transactions for Oriole Company. Jan. 1 Mar. 1 Sept. 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $56,400. Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.
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