The following information concerns the intangible assets of Baez Corporation: On June 3 0 , 2 0
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Question:
The following information concerns the intangible assets of Baez Corporation:
On June Baez completed the acquisition of the Johnstone Corporation for $ in cash. The fair value of the net identifiable assets of Johnstone was $
Included in the assets purchased from Johnstone was a patent that was valued at $ The remaining legal life of the patent was years, but Baez believes that the patent will only be useful for another eight years.
Baez acquired a franchise on October by paying an initial franchise fee of $ The contractual life of the franchise is years.
Required:
Prepare yearend adjusting journal entries to record straightline amortization expense of the intangibles at December
Prepare the intangible asset section of the December balance sheet
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