Cervantes Labs, Inc., has the following intangible assets : 1. Record the amortization expense for both of

Question:

Cervantes Labs, Inc., has the following intangible assets:

1. Record the amortization expense for both of these intangible assets for 2012 assuming neither of the assets is impaired.
2. Prepare the intangible assets section of the balance sheet for Cervantes as of December 31,2012.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...