E10-13 Assignment - the adjusting entries as of December...

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E10-13 Herzogg Company, organized in 2008, has the following transactions related to intangible assets. 1/2/08 Purchased patent (7-year life) $560,000 4/1/08 Goodwill purchased (indefinite life) 360,000 7/1/08 10-year franchise; expiration date 7/1/2018 440,000 9/1/08 Research and development costs 185,000 Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make
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Unformatted text preview: the adjusting entries as of December 31, 2008, recording any necessary amortization and reporting all intangible asset balances accurately as of that date. Jan. 2 Patent 560,000 Cash 560,000 April. 1 Goodwill 360,000 Cash 360,000 July 1 Franchise 440,000 Cash 440,000 Sept. 1 Research and Development 185,000 Cash 185,000 Dec. 31 Amortization Expense-Patent 80,000 Patent 80,000...
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