Prepare entries to set up appropriate accounts for different intangibles; amortize intangible assets. (LO 4) Depr E10-13B Roppls answer the following: 1) Make journal entry to record purchase 2) Calculate amortization for 2017. Make journal entry to record amortization expense. 3) Find the ending balance of each of the intangibles. E10-13B Roper Company, organized in 2017, has the following transactions related tointangible assets.Prepare entries to set upаppropriate acсоиnts fordifferent intangibles; amortizeintangible assets.Dates arePurchased patent (7-year life)Goodwill purchased (indefinite life)10-year franchise; expiration date 7/1/2027Research and development costs$840,000450,000330,000210,0001/2/172- JanDepr4/1/171-Apr7/1/17(LO 4)1-July9/1/171-SeptInstructionsPrepare the necessary entries to record these intangibles. All costs incurred were for cash.Make the adjusting entries as of December 31, 2017, recording any necessary amortizationand reflecting all balances accurately as of that date.Ans for amortization expense= 1,36,500Make journal entry to record prurchase2. calculate amortization for 2017. Make journal entry to record amortization expense.3. Find the ending balance of each of the intangibles

An intangible asset is an identifiable non-monetary asset without physical substance. Such an asset…

Answered: E10-13B Roper Company, organized in…

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 62E

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Prepare entries to set up appropriate accounts for different intangibles; amortize intangible assets. (LO 4) Depr E10-13B Roppls answer the following:

1) Make journal entry to record purchase

2) Calculate amortization for 2017. Make journal entry to record amortization expense.

3) Find the ending balance of each of the intangibles.

E10-13B Roper Company, organized in 2017, has the following transactions related to
intangible assets.
Prepare entries to set up
аppropriate acсоиnts for
different intangibles; amortize
intangible assets.
Dates are
Purchased patent (7-year life)
Goodwill purchased (indefinite life)
10-year franchise; expiration date 7/1/2027
Research and development costs
$840,000
450,000
330,000
210,000
1/2/17
2- Jan
Depr
4/1/17
1-Apr
7/1/17
(LO 4)
1-July
9/1/17
1-Sept
Instructions
Prepare the necessary entries to record these intangibles. All costs incurred were for cash.
Make the adjusting entries as of December 31, 2017, recording any necessary amortization
and reflecting all balances accurately as of that date.
Ans for amortization expense= 1,36,500
Make journal entry to record prurchase
2. calculate amortization for 2017. Make journal entry to record amortization expense.
3. Find the ending balance of each of the intangibles

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