Question

Institute Limited organized late in 2013 and set up a single account for all intangible assets. The following summary shows the entries in 2014 (all debits) that have been recorded in intangible Assets since then:
Instructions
(a) Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.
(b) Make the entries as at December 31, 2014, for any necessary amortization so that all balances are accurate as at that date.
(c) Provide the asset amounts reported on the December 31, 2014 statement of financial position.


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  • CreatedSeptember 18, 2015
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