#$7-$ chapter $12-1$

Question $3$ of $4$

$\frac{5\mathrm{.}09}{10},-=,!$

Current Attempt in Progress

Blossom Limited organized late in $2022$ and set up a single account for all intargible assets. The following summary shows the entries in $2023($all debits$)$ that have been recorded in Intangible Assets since then

$\backslash$table$[[$Jan$.,2,$Purchased patent $(8-$year life$),$$$325\mathrm{.}000],[$Mar$.,31,$Costs to search for new ways to apply patent that was purchased on Jan. $2,21,000],[$Apr$.,1,$Purchased goodwill $($indefinite Iffe$),300,000],[$July$,1,$Purchased franchlse with $10-$year life; expiration date July $1,2033,245,000],[,1,$Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. $1,33,000],[$Aug$.,1,$Payment for copyright $(5-$year life$),133,200],[,1,$Purchased trademark $(3-$yearlife,$14,400],[,1,$Purchased customer lists $(2*$ year life$),9,600],[$iept$.,1,$Research costs,$230,000],[,,,$$$1,311\mathrm{.}200]]$

Search$7-$ chapter $12-1$

Question $3$ of $4$

$5\mathrm{.}09/10$

Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries$)$

$\backslash$table$[[$Account Titles and Explanation,Debit,Credit$],[$Intangible Assets$-$Patents,$325000,],[,,],[$Goodwill$,300000,],[$Intangible Assets$-$Franchises,,$],[,,],[$Intangible Assets$-$Cogrrights,$133200,],[$Accumulated Amortization $-$ Copyrights,,$],[$Intangible Assets$-$Customer lists,,$],[,,]]$Question $3$ of $4$

$5\mathrm{.}09/10$

Your answer is partially correct.

Make the entry as at December $31,2023,$ for any necessary amortization so that all balances are accurate as at that date. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to $0$ decimal places, e$.$s$.5,275.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the omounts. Ust oll debit entries before credit entries$)$

Account Titles and Explanation

Debit

Credit

Annortization Expense $$

$$

Accumulated Amortization $-$ Patents $$

Accumulated Amortication $-$ Paterts $$

Accumulated Amortization $-$ Franchises $$

$q,$

Accumulated Amortization $-$ Copyrights $26,640$

Accumulated Amortization $-$ Trademarks $$

$$

Accumulated Amortization $-$ Customer lists $$

$$

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