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17 September, 06:33

Make an entry as of december 31, 2017, recording any necessary amortization. (round answers to 0 decimal places,

e. g. 125. 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.)

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  1. 17 September, 09:32
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    Solution and Explanation:

    The following journal entries will be passed in the books of accounts for the amoritzation and other necessary ones.

    Jan 2 Patents 376950

    Cash 376950

    July 1 Franchise 547200

    Cash 547200

    Sep 1 Research and development expense 185500

    Cash 185500

    2

    Dec 31 Amortization expense 97025

    Patents 62825 = 376950 divided by 6

    Franchise 34200 = (547200 divided by 8) * (6 divided by 12)

    3 Patent 314125 = 376950 minus 62825

    Franchise 513000 = 547200 minus 34200
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