Pharoah Corporation has the following selected transactions during the year ended December 31, 2021: Jan. 1 Purchased a copyright for $128,160 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Acquired a franchise with a contract period of nine years for $548,910; the expiration date is March 1, 2030. Paid of $41,980 and borrowed the remainder from the bank. Date Purchased a trademark for $74,360 cash. As the purchase was being finalized, spent $36,630 cash in legal fees to successfully defend the trademark in court. Prepare the entries to record the above transactions. (List all debit entries before credit entries. 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 o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record purchase of trademark). Debit Credit

Pharoah Corporation has the following selected transactions during the year ended December 31, 2021: Jan. 1 Purchased a copyright for $128,160 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Sept. 1 Acquired a franchise with a contract period of nine years for $548,910; the expiration date is March 1, 2030. Paid of $41,980 and borrowed the remainder from the bank. Date Purchased a trademark for $74,360 cash. As the purchase was being finalized, spent $36,630 cash in legal fees to successfully defend the trademark in court. Prepare the entries to record the above transactions. (List all debit entries before credit entries. 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 o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record purchase of trademark). Debit Credit

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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Question bord Date an 1 ept. 1 Mar. 1 ept. 1 Question 6 of 6 K.31 ept. 1 ✓ Account Titles and Explanation Cost of Goods Sold Cash Cash expenses cash Bank Loan Payable Cash Trademarks (To record purchase of trademark) Cash Trademarks (To record purchase of trademark) Trademarks (To record costs incurred to defend trademark) Advertising Expense Accounts Receivable Furniture Leasehold Improvements Cash Debit 117480 500850 106340 106340 106340 640000 Credit 117400 462000 106340 306340 38820 106340 106340 10000 58000 170000 320000 92000 P SUP
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