Chapter 10, Problem 10.4P

To determine

Intangible Assets:

Intangible assets are the long-term assets having no physical existence. However, the benefits provided by these assets are used by the company for a long period of time. Example: Patent, Trademark, Goodwill, Copyrights.

To Prepare: The journal entries to clear the intangible asset account and to set up accounts for separate intangible assets, other asset types, and expenses.