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WileyPLUS Weygandt, Accounting Principles, 13e Help | System Announcements CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES transactions related to intangible assets. Module 1 Competency Assessment: Part 11 Compute amortization of intangible assets) 116 1/2/20 Purchased patent (5-year life) $365,000 Brief Exercise 10-12 a-b 4/1/20 Goodwill purchased (indefinite life) 360,000 Brief Exercise 10-13 Exercise 10-13 a1-a2 7/1/20 13-year franchise 650,000 9/1/20 Research and development costs 178,000 Do It! Review 10-04 Exercise 266 a-c Review Score Your answer is partially correct. Try again. Review Results by Study Objective Mobile Site Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 1/2/20 Patents 365,000 VL Cash 365,000 4/1/20 Goodwill 360,000 cash 360,000 W 7/1/20 Franchises 650,000 Cash 650,000 9/1/20 Research and Development Expense 178,000 V Cash 178,000 12/31/20 Amortization Expense