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timimretCurrent Attempt in Progress
Whispering Winds Corp., a public company incorporated on June 28,2022, set up a single account for all of its intangible assets. The
following summary discloses the debit entries that were recorded during 2022 and 2023 in that account:
The new business started up on July 2,2022. No amortization was recorded for 2022 or 2023. The goodwill purchased on April 1,
2023, includes in-process development costs that meet the six development stage criteria, valued at $175,000. The company
estimates that this amount will help it generate revenues over a 10-year period.
(a) Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of
intangibles. Make the entries as at December 31,2023, and record any necessary amortization so that all balances are appropriate as
at that date. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries. Round answers to 0 decimal places, e.g.
5,275.)
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