Note - (a )and (b) part is done. looking for c part

The intangible assets and goodwill reported by Sunland Corporation at December 31, 2020, follow:

Copyrights (#1)		$36,120
Less: Accumulated amortization		18,060		$ 18,060
Trademarks				53,130
Goodwill				124,750
Total				$195,940

A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021:

Jan.	5		Paid $6,690 in legal costs to successfully defend the trademarks against infringement by another company.
July	1		Developed a new product, incurring $193,940 in research and $48,300 in development costs with probable future benefits. The product is expected to have a useful life of 21 years.
Sept.	1		Paid $59,790 to a popular hockey player to appear in commercials advertising the companys products. The commercials will air in early September.
Oct.	1		Acquired another copyright (#2) for $171,000. The new copyright has a useful life of six years.
Dec.	31		Determined the fair value of the goodwill to be $81,050. There was no indication that the copyrights or trademarks were impaired.

(a)

• Your Answer
• Correct Answer

Correct answer iconYour answer is correct.

Prepare journal entries to record the above transactions. (List all debit entries before credit entries. 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. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 5July 1Sept. 1Oct. 1Dec. 31
Jan. 5July 1Sept. 1Oct. 1Dec. 31
	(To record research expense)
Jan. 5July 1Sept. 1Oct. 1Dec. 31
	(To record development costs)
Jan. 5July 1Sept. 1Oct. 1Dec. 31
Jan. 5July 1Sept. 1Oct. 1Dec. 31

eTextbook and Media

List of Accounts

Attempts: 3 of 3 used

(b)

• Your Answer
• Correct Answer

Partially correct answer iconYour answer is partially correct.

Prepare any adjusting journal entries required at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31
	(To record amortization on copyrights acquired on January 1, 2019)
Dec. 31
	(To record amortization on copyrights acquired on October 1, 2021)
Dec. 31
	(To record amortization expense on development cost)
Dec. 31

eTextbook and Media

Solution

List of Accounts

Attempts: 3 of 3 used

(c)

Incorrect answer iconYour answer is incorrect.

Show the presentation of the intangible assets and goodwill on the statement of financial position at December 31, 2021. (List Intangible assets in order of Finite Life Intangible Assets and Indefinite-life Intangible Assets. Record Development Costs before Copyrights.)

SUNLAND CORPORATION Statement of Financial Position (Partial) For the Year Ended December 31, 2021December 31, 2021For the Month Ended December 31, 2021
Assets
Intangible assets:
Total Intangible Assets and GoodwillFinite Life Intangible AssetsIndefinite-Life Intangible AssetsIntangible Assets and GoodwillTotal Finite-Life Intangible AssetsAccumulated AmortizationOther Finite-Life Intangible Assets
			$
AddLess:					$
LessAdd:
Finite Life Intangible AssetsTotal Intangible Assets and GoodwillAccumulated AmortizationOther Finite-Life Intangible AssetsTotal Finite-Life Intangible AssetsIntangible Assets and GoodwillIndefinite-Life Intangible Assets
Accumulated AmortizationOther Finite-Life Intangible AssetsTotal Intangible AssetsIndefinite-Life Intangible AssetsFinite Life Intangible AssetsTotal Finite-Life Intangible AssetsIntangible Assets and Goodwill					$