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Intangible assets information: Out of the intangible assets balance on June 3 0 , 2 0 2 3 , 6 0 % have an indefinite
Intangible assets information: Out of the intangible assets balance on June have an indefinite useful life; the remaining were intangible assets purchased on July with a useful life of years. The company has researched the new design process of an electronic component. The research started in the second quarter of The research and development cost incurred in the current quarter is RM The research team discovered that the prototype showed a positive result, and the process is expected to be used soon. The company purchased a patent from a bike manufacturer in the current quarter. Task Provide complete information for each of the given intangible assets. Prepare journal entries and show the calculations.
Intangible assets information:
Out of the intangible assets balance on June have an indefinite useful life; the remaining were intangible assets purchased on July with a useful life of years.
The company has researched the new design process of an electronic component. The research started in the second quarter of The research and development cost incurred in the current quarter is RM The research team discovered that the prototype showed a positive result, and the process is expected to be used soon.
The company purchased a patent from a bike manufacturer in the current quarter.
Task
Provide complete information for each of the given intangible assets. Prepare journal entries and show the calculations.
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