WK 4 E12 6 Amortization upload

WK 4 E12 6 Amortization upload - $143,000.00 9/1/2007...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Date Explanation Amount Asset Comment 1/2/2007 Purchased patent (8-year life) 350,000 Patent 8 $43,750.00 $43,750.00 $306,250.00 4/1/2007 Purchased goodwil (indefinite life) 360,000 Goodwill $360,000.00 Not amortized rather tested for impairment 7/1/2007 Purchased franchise with 10-year life; expiration date 7/1/17 450,000 Franchise 10 $45,000.00 $22,500.00 $427,500.00 8/1/2007 Payment of copyright (5-year life) 156,000 Copyright 5 $31,200.00 $13,000.00
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $143,000.00 9/1/2007 Research and development costs 215,000 Expense $1,531,000.00 Total $119,950.00 $79,250.00 $1,236,750.00 ===>balance Debit Credit 12/31/2007 Amortization expense-patent $43,750.00 Amortization expense-franchise $22,500.00 Amortization expense-copyright $13,000.00 Patent $43,750.00 Franchise $22,500.00 Copyright $13,000.00 Amortizable Life Annual Amortization Amortization for 2007 Balances (12/31/2007)...
View Full Document

This note was uploaded on 01/14/2012 for the course ACCOUNTING ACC 422 taught by Professor Unknown during the Spring '11 term at University of Phoenix.

Ask a homework question - tutors are online