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P12-1 - 8 X 6/12 2,625 Franchises 7,875 Rent...

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Franchises 42,000 Prepaid Rent 28,000 Organization Expense ($1,000 + $5,000) 6,000 Retained Earnings ($16,000 – $6,000) 10,000 Patents ($74,000 + $12,650) 86,650 Research and Development Expense ($75,000 + $160,000) 235,000 Goodwill 278,400 Intangible Assets 686,050 Franchise Amortization Expense ($42,000 ÷ 8) 5,250 Retained Earnings ($42,000
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Unformatted text preview: ÷ 8 X 6/12) 2,625 Franchises 7,875 Rent Expense ($28,000 ÷ 2) 14,000 Retained Earnings ($28,000 ÷ 2 X 3/12) 3,500 Prepaid Rent 17,500 Patent Amortization Expense 8,170 Patents 8,170 ($74,000 ÷ 10) + ($12,650 X 7/115) Goodwill Amortization Expense 5,220 Goodwill ($278,400 ÷ 40 X 9/12) 5,220...
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