(a) Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles Make the entries as at December 31, 2020, and record any necessary amortization so that all balances are appropriate as at that date (Credit account titles are automatically indented when the 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 Round answers to 0 decimal places, e g 5,275 ) FILL IN PROVIDED TEMPLATE BLANKS List of Accounts Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation Accumulated Impairment Losses Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Copyright Cost of Goods Sold Customer Database Customer Lists Delivery Expense Depreciation Expense Development Costs Discount on Bonds Payable Due from Factor Due to Customer Equipment Fair Value NI Investments Finance Expense Finance Revenue Franchises Freight In Freight Out Gain on Disposal of Intangible Assets Gain on Sale of Equipment Gain on Sale of Land Goodwill Income Summary Intangible Assets Intangible Assets Interest Expense Interest Income Interest Receivable Inventory Land Leasehold Improvements Licences Licensing Agreement Loss on Disposal of Intangible Assets Loss on Impairment Loss on Impairment Goodwill Loss on Impairment Licences Loss on Impairment Trademarks Loss on Impairment Patents Loss on Sale of Copyright Loss on Sale of Receivables Machinery Maintenance and Repairs Expense Miscellaneous Expense No Entry Notes Payable Notes Receivable Office Expense Office Expense Bank Charges Operating Expenses Patents Petty Cash Prepaid Expenses Prepaid Rent Purchase Discounts Recovery of Loss from Impairment Rent Expense Research and Development Expense Resource Liability Retained Earnings Revaluation Gain or Loss Revaluation Surplus (OCI) Royalty Expense Sales Sales Discounts Sales Discounts Forfeited Sales Revenue Selling Expenses Servicing Liability Service Revenue Sick Pay Wages Payable Software Start up Expenses Supplies Supplies Expense Trademarks Trade Names Unearned Revenue Unrealized Gain or Loss FV NI Flint Corp , a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets The following summary discloses the debit entries that were recorded during 2019 and 2020 in that account INTANGIBLE ASSETS FLINT July 1, 2019 $44,000 Oct 1 29,000 Dec 31 16,500 Feb 15 2020 82,800 8 year franchise expiration date of June 30, 2027 Advance payment on office lease (2 year lease) Net loss for 2019 including incorporation fee $1,000 related legal fees of organizing $5,300 expenses of recruiting and training staff for start up of new business, $4,000 Patent purchased (10 year life) Direct costs of acquiring a 5 year licensing agreement Goodwill purchased (indefinite life) Legal fee for successful defence of patent (see above) Costs of research department for year Royalties paid under licensing agreement (see above) Mar 1 77,400 Apr 1 312,400 June 1 12,815 Dec 31 75,000 31 2 775 The new business started up on July 2, 2019 No amortization was recorded for 2019 or 2020 The goodwill purchased on April 1, 2020, includes in process development costs that meet the six development stage criteria, valued at $176,000 The company estimates that this amount will help it generate revenues over a 10 year period Date Account Titles and Explanation Debit Credit Dec 31, 2020 (To clear Intangible Assets account) Dec 31, 2020 (To correct for amortization on franchises) Dec 31, 2020 (To correct for rent payments) Dec 31, 2020 HE (To record amortization expense on patents) Dec 31, 2020 (To record amortization expense on licences) Dec 31, 2020 (To record amortization expense on development cost)

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(a) Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries

image text in transcribed (a) Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as at December 31, 2020, and record any necessary amortization so that all balances are appropriate as at that date. (Credit account titles are automatically indented when the 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. Round answers to 0 decimal places, e.g. 5,275.)

**FILL IN PROVIDED TEMPLATE/BLANKS**

List of Accounts:

Accounts Payable
Accounts Receivable
Accumulated Amortization - " "
Accumulated Depreciation
Accumulated Impairment Losses - " "
Administrative Expenses
Advances to Employees
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bad Debt Expense
Bank Loans
Buildings
Cash
Common Shares
Copyright
Cost of Goods Sold
Customer Database
Customer Lists
Delivery Expense
Depreciation Expense
Development Costs
Discount on Bonds Payable
Due from Factor
Due to Customer
Equipment
Fair Value - NI Investments
Finance Expense
Finance Revenue
Franchises
Freight-In
Freight-Out
Gain on Disposal of Intangible Assets
Gain on Sale of Equipment
Gain on Sale of Land
Goodwill
Income Summary
Intangible Assets
Intangible Assets- " "
Interest Expense
Interest Income
Interest Receivable
Inventory
Land
Leasehold Improvements
Licences
Licensing Agreement
Loss on Disposal of Intangible Assets
Loss on Impairment
Loss on Impairment - Goodwill
Loss on Impairment - Licences
Loss on Impairment - Trademarks
Loss on Impairment - Patents
Loss on Sale of Copyright
Loss on Sale of Receivables
Machinery
Maintenance and Repairs Expense
Miscellaneous Expense
No Entry
Notes Payable
Notes Receivable
Office Expense
Office Expense - Bank Charges
Operating Expenses
Patents
Petty Cash
Prepaid Expenses
Prepaid Rent
Purchase Discounts
Recovery of Loss from Impairment
Rent Expense
Research and Development Expense
Resource Liability
Retained Earnings
Revaluation Gain or Loss
Revaluation Surplus (OCI)
Royalty Expense
Sales
Sales Discounts
Sales Discounts Forfeited
Sales Revenue
Selling Expenses
Servicing Liability
Service Revenue
Sick Pay Wages Payable
Software
Start-up Expenses
Supplies
Supplies Expense
Trademarks
Trade Names
Unearned Revenue
Unrealized Gain or Loss - FV-NI

Flint Corp., a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during 2019 and 2020 in that account: INTANGIBLE ASSETS-FLINT July 1, 2019 $44,000 Oct. 1 29,000 Dec 31 16,500 Feb. 15. 2020 82,800 8-year franchise; expiration date of June 30, 2027 Advance payment on office lease (2-year lease) Net loss for 2019 including incorporation fee $1,000; related legal fees of organizing $5,300; expenses of recruiting and training staff for start-up of new business, $4,000 Patent purchased (10-year life) Direct costs of acquiring a 5-year licensing agreement Goodwill purchased (indefinite life) Legal fee for successful defence of patent (see above) Costs of research department for year Royalties paid under licensing agreement (see above) Mar. 1 77,400 Apr. 1 312,400 June 1 12,815 Dec 31 75,000 31 2.775 The new business started up on July 2, 2019. No amortization was recorded for 2019 or 2020. The goodwill purchased on April 1, 2020, includes in-process development costs that meet the six development stage criteria, valued at $176,000. The company estimates that this amount will help it generate revenues over a 10-year period. Date Account Titles and Explanation Debit Credit Dec. 31, 2020 (To clear Intangible Assets account) Dec. 31, 2020 (To correct for amortization on franchises) Dec. 31, 2020 (To correct for rent payments) Dec. 31, 2020 HE (To record amortization expense on patents) Dec. 31, 2020 (To record amortization expense on licences) Dec. 31, 2020 (To record amortization expense on development cost)