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Make an entry as of december 31, 2017, recording any necessary amortization. (round answers to 0 decimal places,


e.g. 125. credit account titles are automatically indented when the amount is entered. do not indent manually. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts.)

Respuesta :

letmeanswer

Solution and Explanation:

The following journal entries will be passed in the books of accounts for the amoritzation and other necessary ones.

Jan 2  Patents  376950    

      Cash   376950        

July 1  Franchise  547200    

      Cash   547200        

Sep 1  Research and development expense  185500    

      Cash   185500        

2      

Dec 31  Amortization expense  97025    

      Patents   62825  = 376950 divided by 6

      Franchise   34200 = (547200 divided by 8)* (6 divided by 12)  

3  Patent  314125   = 376950 minus 62825

Franchise  513000  = 547200 minus 34200

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