Acquisition and Amortization of Intangible Assets \\ TLM Technologies had these transactions related to intangible assets during 2018:}

\section*{Required:}
1. Prepare the journal entries necessary to record the transactions.
2. Prepare the entries necessary to record amortization expense for the intangible assets.
3. What is the balance of the intangible assets at the end of 2018 ?
\section*{Exercise

Transcribed Image Text:

Jan. 2 Jan. 5 June 29 Sept. 2 Purchased a patent from Luna Industries for $175,000. The estimated remaining legal life of the patent is 15 years and TLM estimated the patent to be useful for 8 years. Paid legal fees in a successful legal defence of the patent of $90,000. Registered a trademark with the federal government. Registration costs were $4,000. TLM expects to use the trademark indefinitely. Paid research and development costs of $478,200.