Penner co. - Business Accounting/Business Analysis/Financial Reporting Year 4 Journal entries for intangible assets Penner Co The following

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Business, Accounting/Business Analysis/Financial Reporting - Year 4 Journal entries for intangible assets: Penner Co The following transactions involve intangible assets of Penner Co occurring on or near Dec 31, 2004. Write journal entries needed at the date to record the transaction and at December 31, 2005 to record any resultant amortization. Write NA if no entry is required at a particular date. 1. Penner paid Grand Co $200,000 for exclusive to market a particular product, using theGrand name and logo in promotinal material. The franchise runs for as long as Penner is in business 2. Penner spent $300,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 3. In January, 2005, Penner's application fora patent (#2 above) was granted. Legal and registration costs were $50,000. The patent runs for 20 years. the manufacturing process will be useful to Penner for 10 years. 4. Penner incurred $80,000 in successfully defencing one of its patents in an
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This note was uploaded on 01/30/2010 for the course BUS Busines 16 taught by Professor B.mishra during the Spring '10 term at UC Riverside.

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Penner co. - Business Accounting/Business Analysis/Financial Reporting Year 4 Journal entries for intangible assets Penner Co The following

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