HULUA 21/le/content/4780390/viewContent/41525338/View . . . U IcWeygandt, Financial and Managerial de S Help System Announcements Problem 907Aac(Video) The intangible assets section of Concord Corporation at December 31, 2020, is presented below Patents($62,000 cost less $6,200 mortization) Franchises ($6,000 cost less $14,400 amortization) $55.00 21,600 Total The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan. 2 Jan-June Paid $18.000 legal costs to successfully defend the patient against infringement by another company Developed a new product, incurring $149,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Paid $47,000 to an extremely large defensive lineman to appear in commercial advertising the company's products. The commercials will al in September and October Acquired a franchise for $130,000. The franchise has a useful fe of 50 years. Sept. 1 Oct. 1 Your answer is partially correct. Try again Prepare journal entries to record the transactions above. (Credit account titles are automatically indented where amount is entered Donat indent manually. Record journal entries in the order presented in the proble m e entry is required, select "No Entry for the accoun tities and enter for the amounts.) Debt Credit Date Account Titles and Explanation Portfolio Activity Details ew this topic ya unya TIG US Weygand, Financial and Managerial de tem nove a Prepare your entries to record the tractions above. C indent condormantes the and titles and enter for the amounts.) ntiles are automatically indented when amount is entered Demo the Iris h Date Ac t ion San.2 Patents cash Sanne Research and Development Expense niinin Set 1 O nion oct. 1 chies in Portfolio Activity Details View this topic ils Communications Assessments Get Help ePortfolio 2 ) Ch.9-2 Is Weygandt, Financial and Managerial, 3e Helo System nouncements Prepare journal entries to record the 2021 amortization expense. Cred countles are automatically indeed when amount is entend Do not indent manually. Record journal entries in the order presented in the problem. I no entry is required, select "No Entry for the account titles and enter for the amounts Round answers to decimal places, ..2.125.) Date Account Thies and Explanation Dec. 31 Amortization Expense potents (To record patents amortization) mortization Experte JL . (To record franchise amortization) your answer is partially correct. Try again o Bt9 e Is Weygandt, Financial and Managerial, 3e Help System Announcements ES Prepare the intangible assets section of the balance sheet at December 31, 2021. (Round answers to o decimal places, e... 2.125.) Concord Corporation Balance Sheet (Partial) December 31, 2021 tudy Intangible Assets Patents Franchises Total Intangible Assets Click if you would like to show Work for this question: Open Show Work SHOW LIST OF MECOURS 7 $ 71% | 6 | 7 HULUA 21/le/content/4780390/viewContent/41525338/View . . . U IcWeygandt, Financial and Managerial de S Help System Announcements Problem 907Aac(Video) The intangible assets section of Concord Corporation at December 31, 2020, is presented below Patents($62,000 cost less $6,200 mortization) Franchises ($6,000 cost less $14,400 amortization) $55.00 21,600 Total The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan. 2 Jan-June Paid $18.000 legal costs to successfully defend the patient against infringement by another company Developed a new product, incurring $149,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Paid $47,000 to an extremely large defensive lineman to appear in commercial advertising the company's products. The commercials will al in September and October Acquired a franchise for $130,000. The franchise has a useful fe of 50 years. Sept. 1 Oct. 1 Your answer is partially correct. Try again Prepare journal entries to record the transactions above. (Credit account titles are automatically indented where amount is entered Donat indent manually. Record journal entries in the order presented in the proble m e entry is required, select "No Entry for the accoun tities and enter for the amounts.) Debt Credit Date Account Titles and Explanation Portfolio Activity Details ew this topic ya unya TIG US Weygand, Financial and Managerial de tem nove a Prepare your entries to record the tractions above. C indent condormantes the and titles and enter for the amounts.) ntiles are automatically indented when amount is entered Demo the Iris h Date Ac t ion San.2 Patents cash Sanne Research and Development Expense niinin Set 1 O nion oct. 1 chies in Portfolio Activity Details View this topic ils Communications Assessments Get Help ePortfolio 2 ) Ch.9-2 Is Weygandt, Financial and Managerial, 3e Helo System nouncements Prepare journal entries to record the 2021 amortization expense. Cred countles are automatically indeed when amount is entend Do not indent manually. Record journal entries in the order presented in the problem. I no entry is required, select "No Entry for the account titles and enter for the amounts Round answers to decimal places, ..2.125.) Date Account Thies and Explanation Dec. 31 Amortization Expense potents (To record patents amortization) mortization Experte JL . (To record franchise amortization) your answer is partially correct. Try again o Bt9 e Is Weygandt, Financial and Managerial, 3e Help System Announcements ES Prepare the intangible assets section of the balance sheet at December 31, 2021. (Round answers to o decimal places, e... 2.125.) Concord Corporation Balance Sheet (Partial) December 31, 2021 tudy Intangible Assets Patents Franchises Total Intangible Assets Click if you would like to show Work for this question: Open Show Work SHOW LIST OF MECOURS 7 $ 71% | 6 | 7
