Business, 03.06.2021 19:30, chloegrider6713

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

Required:
Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.

Answers: 2

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Crane Company, organized in 2019, has set up a single account for all intangible assets. The followi...