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Need help for this question need help for journal. please see attach file Sheridan Limited organized late in 2016 and set up a single account
Need help for this question need help for journal. please see attach file
Sheridan Limited organized late in 2016 and set up a single account for all intangible assets. The following summary shows the entries in 2017 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 3 Mar. 1 Apr. 1 July. 1 1 Aug. 1 1 1 Sept 1 Purchased patent (8-year life) $344,000 Costs to search for new ways to apply patent that was purchased on Jan. 2 Purchased goodwill (indefinite life) Purchased franchise with 10-year life; expiration date July 1, 2027 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 Payment for copyright (5-year life) Purchased trademark (3-year life) Purchased customer list (2-year life) Research costs 21,000 313,000 251,000 33,000 134,000 14,400 8,600 238,000 $1,357,000 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. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit CreditStep by Step Solution
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