During the year, Cartwright Corporation's accountant recorded numerous transactions in an account entitled Intangible Assets, as follows:
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During the year, Cartwright Corporation's accountant recorded numerous transactions in an account entitled Intangible Assets, as follows:
Paid incorporation fees 17,500
Paid legal fees for organization of the company 7,500
Paid for large-scale advertising for the year, 15,000
Acquired land for 15,000 and a building for 20,000 to house the R&D activities. The building has a 20 year life.
How do we journal questions like these to remove them from the Intangible asset account and get them into the right account?
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