Gill Company, organized in 2015, has the following transactions related to intangible assets.

Instructions
Prepare the necessary entries to record these intangibles. All costs incurred were for cash.
Make the adjusting entries as of December 31, 2015, recording any necessary amortization and reflecting all balances accurately as of thatdate.

Transcribed Image Text:

1/2/15 Purchased patent (7-year life) 4//15 Goodwill purchased (indefinite life) 7/1/15 10-year franchise; expiration date 7/1/2025 9/1/15 Research and development costs $595,000 360,000 480,000 185,000