Answer Happy

View Policies Current Attempt in Progress Splish Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (8-year life) 4/1/20 Goodwill purchased (indefinite life) 10-year franchise: expiration date 7/1/2030 11/1/20 Research and development costs incurred prior to technological feasibility 7/1/20 Date $560,000 360,000 Account Titles and Explanation 340,000 448.000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually) -75 Debit 11 Credit **
Calculate ending balances as at 12/31/20. Patents $ Goodwill $ Franchises $ Ending balances eTextbook and Media List of Accounts