- The Intangible Assets And Goodwill Reported By Oriole Corporation At December 31 2020 Follow Copyrights 1 Less Ac 1 (42.6 KiB) Viewed 10 times
- The Intangible Assets And Goodwill Reported By Oriole Corporation At December 31 2020 Follow Copyrights 1 Less Ac 2 (29.71 KiB) Viewed 10 times
- The Intangible Assets And Goodwill Reported By Oriole Corporation At December 31 2020 Follow Copyrights 1 Less Ac 3 (13.81 KiB) Viewed 10 times
The intangible assets and goodwill reported by Oriole Corporation at December 31, 2020, follow: Copyrights (#1) Less: Accumulated amortization Trademarks Goodwill Total Jan. 5 July 1 Sept. 1 Oct. 1 $36,600 18,300 Dec. 31 $18,300 50,110 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1. 2017, and are expected to have an indefinite life. The
company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021: 122,680 $191,090 Paid $6.780 in legal costs to successfully defend the trademarks against infringement by another
company. Developed a new product, incurring $220,250 in research and $52,400 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. !! Paid $55,050 to a popular hockey player to appear in commercials advertising the
company's products. The commercials will air in early September. Acquired another copyright (#2) for $162,000. The new copyright has a useful life of six years. Determined the fair value of the goodwill to be $86,260. There was no indication that the copyrights or trademarks were impaired.
Prepare any adjusting journal entries required at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record amortization on copyrights acquired on January 1, 2019) (To record amortization on copyrights acquired on October 1, 2021) Debit Credit
Dec. 31 Dec. 31 (To record amortization expense on development cost) 11