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Can anyone help me with this?Thank you! 9IU. 11. 12 131 14.15 1 16 The Family Company was expanding as a result they engaged in
Can anyone help me with this?Thank you!
9IU. 11. 12 131 14.15 1 16 The Family Company was expanding as a result they engaged in the following activities beginning is 2016. 1. Paid $30,000 to the Major League Ballpark to have the Family name displayed on the billboard for three years. a. b. Purchased a franchise for S20.000 to operate trolley services around the city for tourists. The trolley service is exp hope that it will remain in service ected to be decommissioned in 4 years due to the maintenance costs, there is c Purchased a patent for $45,000, the patent was originally filed in 2011. d. The owner of the patent was a well-known inventor and author who sold Family the rights to his novel in exchange for 5.000 shared of stock. The stock has a $5 par value and is currently selling for $25 per share. The novel is expected to sell 1.000,000 copies in the next two years. Required: Prepare the journal entries to record the amortization of the intangible assets for 2016. Amortize over their life unless otherwise notedStep by Step Solution
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