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Please help me solve for question c. Thank you for your help. The intangible assets section of Flint Company at December 31,2022, is presented here.
Please help me solve for question c. Thank you for your help.
The intangible assets section of Flint Company at December 31,2022, is presented here. Jan. 2 Paid \$29,700 legal costs to successfully defend the patent against infringement by another company. Sept. 1 Paid $53,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Oct. 1 Acquired a franchise for $140,000. The franchise has a useful life of 50 years. Nov:- Dec. Developed a new product, incurring \$148,000 in research and development costs during December. A patent was granted for the product on January 1, 2024. Prepare journal entries to record the transactions above. (List all debit entries before credit entries. Credit account titles are automatically indented wh "No Entry" for the account titles and enter O for the amounts.) Prepare journal entries to record the 2023 amortization expense for intangible assets. (List all debit entries before credit entries. Credit account titles are au problem. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Prepare the intangible assets section of the balance sheet at December 31, 2023Step by Step Solution
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