Question: pls answer all. will like and comment Current Attempt in Progress Oriole Company, organized in 2019. has set up a single account for all intangible




Current Attempt in Progress Oriole Company, organized in 2019. has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 4/1/20 7/1/20 8/1/20 9/1/20 Purchased patent (7-year life) Purchase goodwill (indefinite life) Purchased franchise with 10-year life: expiration date 7/1/30 Payment of copyright (5-year life) Research and development costs $303,800 344,000 424,000 148,800 214,000 $1,434,600 (a 1) 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 amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Patents Goodwill 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 amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Patents Goodwill Franchises Copyrights Research and Development Expense Intangible Assets Oriole Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021. 7/1/20 10/1/20 12/31/20 $50,400 24,000 Intangible Assets 8-year franchise: expiration date 6/30/28 Advance payment on laboratory space (2-year lease) Net loss for 2020 including state incorporation fee. $2,500, and related legal fees of organizing $6,500 (all fees incurred in 2020) Patent purchased (10 year life) Cost of developing a secret formula (indefinite life) Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs 1/2/21 3/1/21 4/1/21 6/1/21 9/1/21 14,800 82,000 79,000 276,800 11,960 148,000 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of Intangibles. Make the entries as of December 31, 2021, recording any necessary amortization (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and explanation Debit Credit 50400 Franchise Prepaid Rent 28200 Retained Eaming 18400 Retained Eamines 18400 Patents 93740 Research and Development Expense 247000 Goodwill 276200 713940 Intangible Assets (To clear the Intangible Assets) Amortization Expense 6300 3150 9450 14100 Retained Earnings Franchises (To record current amount for Franchises) Rent Expense Retained Earings Prepaid Rent (To record current amount for Rents) Amortization Expense 3525 17625 8852 Patents 8852 Prepaid Rent 17625 (To record current amount for Rents) Amortization Expense 8852 8852 Patents (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) Prepaid Rent v 10575 Franchises 40950 $ $ $ $ Patents 84888 Goodwill 276200
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