The following are transactions for the intangible assets of Wonka Ltd:
1. On December 1, 2021, Wonka spent $65,000 on experimental and development activities in his laboratory to develop patents. The patent was granted on January 2, 2022. The legal and other costs associated with the patent registration amount to $17,600. Wonka estimates that the economic life of the patent is 8 years. Prior to January 2, 2022, the Patent has not achieved economic viability.
2. A trademark was purchased from the Willy Company for $36,000 on July 1, 2019. Expenditures related to successful litigation of defending the trademark were paid on July 1, 2022 for $10,200. Wonka estimates that the trademark has an economic life of 20 years from the date of purchase.

Instructions:
A. Prepare all journals related to the above transactions!
B. Prepare a schedule that describes the intangible assets portion of the statement of financial position as of December 31, 2022!

Answer rating: 100% (QA)

Requirement 1 Date December 1 2021 January 2 2022 December 31 2022 Patents acquired on July 1 2019 A... View the full answer