course hero- 3 - Business, Accounting/Business...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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 infringement
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/23/2010 for the course BUS 165B 165B taught by Professor Barrymishra during the Spring '10 term at UC Riverside.

Page1 / 3

course hero- 3 - Business, Accounting/Business...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online