Out of the intangible assets balance on June $30,2023,60\%$ have an indefinite useful life; the remaining were intangible assets purchased on July $1,2022,$ with a useful life of $30$ years.

The company has researched the new design process of an electronic component. The research started in the second quarter of $2023.$ The research and development cost incurred in the current quarter is RM$400,000.$ The research team discovered that the prototype showed a positive result, and the process is expected to be used soon.

The company purchased a patent from a bike manufacturer in the current quarter.

 

 

 

Provide complete information for each of the given intangible assets. Prepare journal entries and show the calculations.

Answer rating: 100% (QA)

To provide complete information for each of the given intangible assets and prepare the necessary journal entries we need to consider the specific det... View the full answer