Business, 05.05.2020 09:05, maddie1776
Crane Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020.
1/2/20 Purchased patent (9-year life)
$387,900
4/1/20 Purchase goodwill (indefinite life)
341,000
7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30
421,000
8/1/20 Payment of copyright (5-year life)
145,200
9/1/20 Research and development costs
211,000
$1,506,100
Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
Make the entry as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
Reflect all balances accurately as of December 31, 2020.
Use straight-line amortization
select an intangible asset
and development costsPatentsGoodwill
$enter a dollar amount
select an intangible asset
Research and development
$enter a dollar amount
select an intangible asset
FranchisesResearch and development
$enter a dollar amount
select an intangible asset
and development costsPatentsGoodwill
$enter a dollar amount
Answers: 3
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Crane Company, organized in 2019, has set up a single account for all intangible assets. The followi...
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