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Can someone help me with this question? I am almost done with this question. I just need a little help Question 5 of 8 0.8371
Can someone help me with this question? I am almost done with this question. I just need a little help
Question 5 of 8 0.8371 LENIL LILUL DaianILL Jan. 4 Research and development costs 930,000 930,000 Jan. 5 Legal costs to obtain patent 72,000 1,002,000 Jan. 31 Payment of 7 months' rent on property leased by Ayayai 84,000 1,086,000 Feb. 11 Premium on common stock 230,000 856,000 March 31 Unamortized bond discount on bonds due March 31, 2040 84,000 940,000 April 30 Promotional expenses related to start-up of business 207,100 1,147,100 June 30 Operating losses for first 6 months 240,000 1,387,100 Prepare the entries necessary to correct this account. Assume that the patent has a useful life of 10 years. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Research and Development Expense 930000 Question 5 of 8 0.8371 Patents 72000 Advertising Expense 207100 Rent Expense 60000 Prepaid Rent 24000 Discount on Bonds Payable 940000 Interest Expense 1050 Paid-in Capital in Excess of Par - Common Stock 230000 Intangible Assets (To correct the account) Amortization Expense 3864 Patents 3864 (To record amortiztion expense)Step by Step Solution
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