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Marin Ltd . , follows IFRS and was organized in 2 0 2 2 . Marin provided you with the following information. Purchased a licence
Marin Ltd follows IFRS and was organized in Marin provided you with the following information.
Purchased a licence for $ on July The licence gives Marin exclusive rights to sell its services in the province
and will expire on July
Purchased a patent on January for $ It is estimated to have a year life.
On April Marin purchased a small circuit board manufacturer for $ Goodwill recorded in the transaction
was $
On July legal fees for the successful defense of the patent purchased on January were $
Research and development costs incurred as of December were $
Prepare the journal entries and any year end adjusting entry ies related to the patent during 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 for the amounts. List all debit entries before credit entries. Round answers to decimal places, eg
Date
Account Titles and Explanation
Debit
Credit
Intangible Assets Patents
Cash
Intangible Assets Patents
Cash
Amortization Expense
Intangible Assets Patents
What is the amount to be reported for intangible assets on the SFP at December Round answers to decimal places, eg
Intangible assets Please answer according to the entry given in the question and answer the following thankyou
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