P10-7A Team assignment - C) Intangible Assets pattents...

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P10-7A A) Jan. 2 Patents 4,500.00 Cash 4,500.00 Jan-June Research and Development Expense 140,000.00 Cash 140,000.00 Sept. 1 Advertising Expense 50,000.00 Cash 50,000.00 Oct. 1 Franchise 100,000.00 Cash 100,000.00 B) Dec 31 Amortization Expense 12,000.00 Patents 12,000.00 (70,000 x 1/10) + (45,000 x 1/9) 31 Amortization Expense 5,300.00 Franchise 5,300.00 (48,000 x 1/10) + (100,000 x 1/50 x 3/12)
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Unformatted text preview: C) Intangible Assets pattents 96,000.00 Franchise 123,500.00 Total intangible Assets 219,500.00 Pattents Cost 70,000 + 45,000 = 115,000 Amortization 7,000 + 12,000 = 19,000 Total 115,000 - 19,000 = 96,000 Franchise Cost 48,000 + 100,000 = 148,000 Amortization 19,200 + 5,300 = 24,500 Total 148,000 - 24,500= 123,500...
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This note was uploaded on 06/24/2011 for the course ACCOUNTING 281 taught by Professor Prof.robinson during the Spring '10 term at University of Phoenix.

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