As the recently appointed auditor for Bryan Corporation, you have been asked to examine selected accounts before
Question:
As the recently appointed auditor for Bryan Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2025, are prepared. The controller for Bryan Corporation mentions that only one account is kept for intangible assets. The account is shown below.
Instructions
Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 10 years.
Transcribed Image Text:
Intangible Assets Jan. 4 Research and development costs Jan. 5 Legal costs to obtain patent Jan. 31 Payment of 7 months' rent on property leased by Bryan Feb. 11 Premium on common stock March 31 Unamortized bond discount on bonds due March 31, 2045 April 30 Promotional expenses related to start-up of business June 30 Operating losses for first 6 months Debit Credit Balance 940,000 940,000 75,000 1,015,000 91,000 1,106,000 856,000 940,000 1,147,000 1,388,000 84,000 207,000 241,000 250,000
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Research and Development Expense Patents Rent Expense 5 7 x 91000 Prepaid Rent 2 7 9100...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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