Question 23 View Police Current Altin Progress poodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During On January 2017. Cute Company ha c e of $359 500 2017, the company had the following additional transactions in a purchased a patent (1 pour tel 8313950. My Acored a year Franchisexpiration dately 1.2025.5563200 Sept 1 Research and development costs $176.500 Prepare the necessary entries to record the transactions related to intangibles All costs incurred were for cash Record entries in the order displayed in the problem statement, Credit accountles are automatically indented when the amount inter Denetindent manualne entry is required select 'No Entry for the account ties and enter for the amounts Debit Credit Date Account Titles and Explanation Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash (Record entries in the order displayed in the problem statement Credit account bies are cally indented when the amount and Do not inden manuel entry is required, select "No Entry for the account titles and enter for the amounts Debit Date Account Tities and Explanation Credit 125. Creditoccount titles are automatically indented when the amount is entered. Do not M a n entry Indien of December 31, 2017.recording a necessary amortization Round answers to decimal places, entr e lectory for the accounties and enter for the amounts Account Titles and Explanation Debit Credit List of Accounts (c) Indicate what the intangible asset account balances should be on December 31, 2017 Patent Franchise $ List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accumulated Depreciation-Plant Assets Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Buildings Cash Common Stock Copyrights Cost of Goods Sold Depreciation Expense Dividends Equipment Franchise Freight-In Gain on Disposal of Land Gain on Disposal of Plant Assets Goodwill Income Tax Expense Income Taxes Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Land Improvements Loss on Disposal of Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable No Entry Notes Payable Notes Receivable Other Operating Expenses Operating Expenses Patents Plant Assets Prepaid Insurance Property Tax Expense Research and Development Expense Revaluation Surplus Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Unearned Service Revenue Website
