Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment Long-term Notes Payable No Entry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Patents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense Rent Receivable Rent Revenue Research and Development Expense Retained Earnings Trade Names Trademarks

Problem 12-1 Sheridan Co., organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017 and 2018 Intangible Assets 7/1/17 8-year franchise; expiration date 6/30/25 10/1/17 ce payment on laboratory space (2-year lease) 12/31/17 Net loss for 2017 including state incorporation fee, $2,000 $72,000 25,800 13,600 84,800 83,000 272,200 12,765 164,000 and related legal fees of organizing, $6,000 (all fees incurred in 2017) 1/2/18 Ptt purchased (10-year life) 3/1/18 Cost of developing a secret formula (indefinite life) 18 Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs 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 of December 31, 2018 recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Round all answers to 0 decimal places, e.g. 8,564. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanatiorn Debit Credit (To clear the Intangible Assets) Reflecting all balances accurately as of that date. (Ignore income tax effects.) SHOW LIST OF ACCOUNTS LINK TO TEXT