Gladow Company

Gladow Company - Date Account/Description 1/2/10 Patent...

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Gladow Company, organized in 2010, has these transactions related to intangible assets  in that year:  Jan. 2 Purchased a patent (5-year life) $301,300. Apr. 1 Goodwill purchased (indefinite life) $392,464. July 1 Acquired a 9-year franchise; expiration date July 1, 2019, $543,420. Sept. 1 Research and development costs $179,029. (a) Prepare the necessary entries to record these intangibles. All costs incurred w
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Unformatted text preview: Date Account/Description 1/2/10 Patent Cash 4/1/10 Goodwill Cash 7/1/10 Franchise Cash 9/1/10 Research and development expense Cash (b) Make the entries as of December 31, 2010, recording any necessary amortization. Date Account/Description 12/31/10 Amortization expense-Patent Franchise (c) Indicate what the balances should be on December 31, 2010. Patent $ Goodwill $ 392,464 Franchise $...
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This note was uploaded on 12/13/2011 for the course ACCT 101 taught by Professor Cosby during the Spring '11 term at Marquette.

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