Current Attempt in Progress The intangible assets section of Pina Corporation's balance sheet at December 31, 2022, is presented here. Patents ($73,300 cost less $6,900 amortization) Copyrights ($57,000 cost less $46,700 amortization) $66,400 10,300 $76,700 Total The patent was acquired in January 2022 and has a usefullife of 10 years. The copyright was acquired in January 2016 and also has a useful tife of 10 years. The following cash transactions may have affected intangible assets during 2023. Paid $54,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $241.500 in research and development costs. A patent was granted for the product on July 1. and its useful fife is equal to its legaf life. Legal and other costs for the patent were $20,000. Paid S68.000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for $275.000. The cooyright has a useful life and legal life of 50 years. Jan. Jan.- June Sept. Oct. Prepare journal entries to record the transactions, (Record entries in the order displayed in the problem statement. Creditaccount titles are automatically indented when amount is entered. Do not indent manuafly. If no entry is required, select "No Entry for the account tities and enter 0 for the amounts.)
Current Attempt in Progress The intangible assets section of Pina Corporation's balance sheet at December 31, 2022, is presented here. Patents ($73,300 cost less $6,900 amortization) Copyrights ($57,000 cost less $46,700 amortization) $66,400 10,300 $76,700 Total The patent was acquired in January 2022 and has a usefullife of 10 years. The copyright was acquired in January 2016 and also has a useful tife of 10 years. The following cash transactions may have affected intangible assets during 2023. Paid $54,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $241.500 in research and development costs. A patent was granted for the product on July 1. and its useful fife is equal to its legaf life. Legal and other costs for the patent were $20,000. Paid S68.000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for $275.000. The cooyright has a useful life and legal life of 50 years. Jan. Jan.- June Sept. Oct. Prepare journal entries to record the transactions, (Record entries in the order displayed in the problem statement. Creditaccount titles are automatically indented when amount is entered. Do not indent manuafly. If no entry is required, select "No Entry for the account tities and enter 0 for the amounts.)
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 76BPSB
Related questions
Question
100%
Transcribed Image Text:View Policies
Current Attempt in Progress
The intangible assets section of Pina Corporation's balance sheet at December 31, 2022, is presented here.
Patents ($73,300 cost less $6,900 amortization)
Copyrights ($57,000 cost less $46,700 amortization)
$66,400
10,300
Total
$76,700
The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has
a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023.
Paid $54,000 legal costs to successfully defend the patent against infringement by another company.
Developed a new product incurring $241.500 in research and development costs. A patent was granted for the
product on July 1. and its useful fife is equal to its legaf life. Legal and other costs for the patent were $20,000.
Paid $68,000 to a quarterback to appear in commercials advertising the company's products. The comimercials
will air in September and October.
Acquired a copyright for $275.000. The copyright has a useful life and legal life of 50 years.
Jan.
Jan.-
June
Sept.
Ot.
1.
Prepare journal entries to record the transactions. (Record entries in the order displayed in the probfem statement. Credit account
titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the
account tities and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Prepare journal entries to record the 2023 amortization expense for intangible assets. (Credit account titles are automatically
Indented when 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.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
(To record amortization of patents)
Dec. 31
(To record amortization of copyrights)
Prepare the intangible assets section of the balance sheet at December 31, 2023.
Pina Corporation
Balance Sheet (Partial)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 6 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning