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earch and deve 5-year patent (legales yeurs Goodwill purchased 8-year franchise (expirational Spam Prepare necessary journal entries to record acquisition of the incurred were for cash. Prepare necessary adjusting entries to record the invee year tangibles Date Feb 1, 2021 We May 1,2021 Aug 1, 2021 Sept 1,2021 Goody Byear and REQUIRED: (a) Prepare necessary journal entries are incurred were for cash. (b) Prepare necessary adjusting er QUESTION 26 DE 2011 Cheer te has the transactions related to Amounts 145.000 185.000 SOLO ISDOO Date May 120 to 20 years) Berhandelementos Set 120 date on Sept 2009 22 Gurdased Parametrecord of these All costs no 13 Marts (6) Prepare necessary dating entries to record the 2022/rtustion expense. p Maria Principles of Accounting II (ACC UESTION 2 (6 MARKSI During the year 2021, Cheer Automobile has the following transactions related to Amounts 148,000 185,000 50,000 180,000 intangible assets Date Feb 1, 2021 May 1, 2021 Aug 1, 2021 Sept 1, 2021 Research and development cost 10-year patent (legal life of 20 years) Goodwill purchased B-year franchise (expiration date on Sept 1, 2029) REQUIRED: [3 Marks) a) Prepare necessary journal entries to record acquisition of these assets. All costs incurred were for cash (b) Prepare necessary adjusting entries to record the 2021 amortization expense. [3 Marks earch and deve 5-year patent (legales yeurs Goodwill purchased 8-year franchise (expirational Spam Prepare necessary journal entries to record acquisition of the incurred were for cash. Prepare necessary adjusting entries to record the invee year tangibles Date Feb 1, 2021 We May 1,2021 Aug 1, 2021 Sept 1,2021 Goody Byear and REQUIRED: (a) Prepare necessary journal entries are incurred were for cash. (b) Prepare necessary adjusting er QUESTION 26 DE 2011 Cheer te has the transactions related to Amounts 145.000 185.000 SOLO ISDOO Date May 120 to 20 years) Berhandelementos Set 120 date on Sept 2009 22 Gurdased Parametrecord of these All costs no 13 Marts (6) Prepare necessary dating entries to record the 2022/rtustion expense. p Maria Principles of Accounting II (ACC UESTION 2 (6 MARKSI During the year 2021, Cheer Automobile has the following transactions related to Amounts 148,000 185,000 50,000 180,000 intangible assets Date Feb 1, 2021 May 1, 2021 Aug 1, 2021 Sept 1, 2021 Research and development cost 10-year patent (legal life of 20 years) Goodwill purchased B-year franchise (expiration date on Sept 1, 2029) REQUIRED: [3 Marks) a) Prepare necessary journal entries to record acquisition of these assets. All costs incurred were for cash (b) Prepare necessary adjusting entries to record the 2021 amortization expense. [3 Marks
