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The intangible assets information of Wang Ltd as at 30 June 2015 is presented here: The patent was acquired in

Question:

The intangible assets information of Wang Ltd as at 30 June 2015 is presented here: 

The patent was acquired in July 2014 and has a useful life of 8 years. The copyright was acquired in July 2011 and has a useful life of 10 years. The following cash transactions may have affected intangible assets during the year ending 30 June 2016: 


Required

(a) Prepare journal entries to record the transactions for the year ending 30 June 2016.

(b) Prepare journal entries to record the 2016 amortisation expense for intangible assets.

(c) Calculate the carrying amount of the intangible assets reported in the statement of financial position at 30 June 2016.

(d) Prepare the note to the financial statements on Wang Ltd’s intangible assets as of 30 June 2016.

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a July 1 Dr Cash 25 000 Cr Patent Defend Expense 25 000 July December Dr Cash 100 000 Cr Patent Deve…View the full answer


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Question Details
Chapter # 8
Section: Problem Set A
Problem: 9
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Question Posted: September 09, 2022 01:46:41
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit

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