i only need tge red part which is wrong 2 1 Pharoah Limited organized late in 2019 and set up a single account for all intangible assets The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then Jan Purchased patent (8 year life) $ 338,00 Mar 31 Costs to search for new ways to apply patent that was purchased on Jan 2 21,00 Apr Purchased goodwill indefinite life) 307,00 July 1 Purchased franchise with 10 year life expiration date July 1, 2030 259,00 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr 1 33,00 Aug 1 Payment for copyright (5 year life) 142,80 1 Purchased trademark (3 year life) 14,40 1 Purchased customer list (2 year life) 9,60 Sept 1 Research costs 236,00 $ 1 360,80 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles (Credit account titles are automatically indented when the amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit Franchises 338000 Goodwill 307000 Patents 259000 Research and Development Expense 257000 Trademarks 162800 Advertising Expense 33000 Copyright 14400 Customer Lists 9600 Intangible Assets 136030D Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles (Credit account titles are automatically indented when the amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit Patents 338000 Goodwill 307000 Franchises 259000 Research and Development Expense 257000 Copyright 142800 Advertising Expense 33000 Trademarks 11 400 Customers 9600 Intangible Assets 1360800 Jan 2 Pharoah Limited organized late in 2019 and set up a single account for all intangible assets The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then Purchased patent (8 year life) $338,00 Mar 31 21,00 Costs to search for new ways to apply patent that was purchased on Jan 2 Apr 1 Purchased goodwill indefinite life) 307,00 259,00 July 1 Purchased franchise with 10 year life, expiration date July 1, 2030 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr 1 33,00 Aug 1 Payment for copyright (5 year life) 142,80 1 Purchased trademark (3 year life) 14 40 1 Purchased customer list 12 year life) 9 61 Sept 1 Research costs 236,01 $1,360,81 1

Question

i only need tge red part which is wrong 2 1 Pharoah Limited organized late in 2019 and set up a single account for all intangible assets  The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then  Jan Purchased patent (8 year life) $ 338,00 Mar 31 Costs to search for new ways to apply patent that was purchased on Jan  2 21,00 Apr Purchased goodwill indefinite life) 307,00 July 1 Purchased franchise with 10 year life  expiration date July 1, 2030 259,00 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr  1 33,00 Aug 1 Payment for copyright (5 year life) 142,80 1 Purchased trademark (3 year life) 14,40 1 Purchased customer list (2 year life) 9,60 Sept 1 Research costs 236,00 $ 1 360,80 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles  (Credit account titles are automatically indented when the amount is entered  Do not indent manually ) Account Titles and Explanation Debit Credit Franchises 338000 Goodwill 307000 Patents 259000 Research and Development Expense 257000 Trademarks 162800 Advertising Expense 33000 Copyright 14400 Customer Lists 9600 Intangible Assets 136030D Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles  (Credit account titles are automatically indented when the amount is entered  Do not indent manually ) Account Titles and Explanation Debit Credit Patents 338000 Goodwill  307000 Franchises 259000 Research and Development Expense 257000 Copyright 142800 Advertising Expense 33000 Trademarks 11 400 Customers 9600 Intangible Assets 1360800 Jan 2 Pharoah Limited organized late in 2019 and set up a single account for all intangible assets  The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then  Purchased patent (8 year life) $338,00 Mar  31 21,00 Costs to search for new ways to apply patent that was purchased on Jan 2 Apr  1 Purchased goodwill indefinite life) 307,00 259,00 July 1 Purchased franchise with 10 year life, expiration date July 1, 2030 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr  1 33,00 Aug 1 Payment for copyright (5 year life) 142,80 1 Purchased trademark (3 year life) 14 40 1 Purchased customer list 12 year life) 9 61 Sept  1 Research costs 236,01 $1,360,81 1

Accepted Answer

The Answer is in the image, click to view ...

Question

i only need tge red part which is wrong 2 1 Pharoah Limited organized late in 2019 and set up a single account for all

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question

Question