On January 1, 2017, Wildhorse Co. had a balance of $339,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions.
Jan. 2 Purchased a patent (6 year life) $372,750.
July 1 Acquired a 9.year franchise; expiration date July 1, 2026, $S61,600.
Sept.1 Research and development $188,000.
a. Prepare a tabular summary to record the January 1 balance in the Goodwill account as well as the 2017 transactions related to intangibles. All costs incurred were for cash.
b. Record any necessary amortization as of December 31, 2017.
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On January 1, 2017, Wildhorse Co. had a balance of $339,000 of goodwill on its balance sheet that re...
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