The general journal of Kevin Berry Industries included the following entries relating to various expenditures during 20X5.
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The general journal of Kevin Berry Industries included the following entries relating to various expenditures during 20X5. Review this information and prepare corresponding entries to record any necessary straightline amortization or other impairment for the year ending December 31.
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GENERAL JOURNAL Date 01-01-X5 Patent Cash Accounts Acquired a patent from an inventor. The patent has a 15-year remaining legal life, but it is expected that Berry will utilize the patent for only 5 years. 05-15-X5 Research Expense Cash Incurred costs in research and development activity. It is possible these costs will result in new product with a 48-month life. 09-01-X5 Inventory Building Goodwill Cash To record purchase of business, expected to be operat- ed successfully for an indefinite number of future years. Debits Credits 30,000 30,000 12,000 12,000 25,000 75,000 50,000 150,000
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