Question 1

During 2022, Pfeiffer Co. purchased intangible assets and debited them all to "Intangible assets".

1-Jan Research and development costs $52,000 1-Jun Goodwill Indefinite Life $64,000

1-Oct Patent 7-Year Life $252,000

(a). Prepare a journal entry to reclassify them to an intangible asset account and/or expense account.

(b). Prepare a journal entry to record amortization expense as of December 31, 2022.