Business, 06.05.2020 05:20, skylarbrown018

Gill Company, organized in 2017, has the following transactions related to intangible assets.1/2/17 Purchased patent (5-year life) $385,0004/1/17 Goodwill purchased (indefinite life) 360,0007/1/17 12-year franchise; expiration date 7/1/2,029 408,0009/1/17 Research and development costs 176,000a. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization. b. Calculate ending balances as at 12/31/17.

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Gill Company, organized in 2017, has the following transactions related to intangible assets.1/2/17...