Bright Designs Ltd began operations in X and, at the end of its first year of operations, reported a balance of $ in an account called \"intangibles.\" Upon further investigation, it is discovered that the account had been debited throughout the year as follows:

Jan.                                       Organization costs legal fees. Economic life is indefinite.                    $ 

Feb.                                      Patent registration legal fees re: patent with year

                                                 life to be used in research activities.                                                       

July                                       Operating expenses, first six months.

Aug.                                     Goodwill excess of purchase price of an advertising company paid over tangible assets acquired.

Nov.                                  Copyright acquired remaining legal life is years but economic life is years.

 

  Nov.                                  Trademark registration legal fees. The trademark is expected to have an indefinite economic life.                                   

 

Dec.                                     Staff training costs staff is expected to stay with the company for an average of three years however, there are no employment contracts.

Dec.                                  Research costs incurred over the year of all research costs are properly classified as capitalizable development costs. The product developed will begin commercial production next year.   

$

Required:

Prepare a correcting entry that reallocates all amounts charged to intangibles to the appropriate accounts. State any assumptions made. If no entry is required for a transactionevent select No journal entry required\" in the first account field.

Calculate amortization expense on intangible assets for X Straightline amortization, to the exact month of purchase, is used. All residual values are expected to be zero. Round your answers to the nearest whole dollars.