Marwan Company established in $2021,$ has the following transactions related to intangible

assets. All costs incurred were in cash.

Date Details Amount

RM

$2021$

Jan. $2$ Purchased patent $(8-$year life$)960000$

Apr. $1$ Purchased a small company and as a result recorded goodwill

$($indefinite life$)$

$530000$

July $110-$year franchise; expiration date $1$ July $2031370000$

Sept. $1$ Research and development costs $240000$

 

 

REQUIRED:

Prepare the necessary entries to record all intangibles assets involved by making the adjusting

entries as of December $31,2021,$ recording any necessary amortization and reflecting all

balances accurately as of that date.

 

$$

Answer rating: 100% (QA)

To record the necessary entries for the intangible assets and make the adjusting entries as of Decem... View the full answer