Exercise 9-11 These are selected 2017 transactions for Novak Corporation: Jan. 1 Purchased a copyright for $93,600. The copyright has a useful life of 6 years and a remaining legal life of 35 years. Mar. 1 Purchased a patent with an estimated useful life of 5 years and a legal life of 25 years for $85,200. Sept. 1 Purchased a small company and recorded goodwill of $151,550. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events

Exercise 9-11 These are selected 2017 transactions for Novak Corporation: Jan. 1 Purchased a copyright for $93,600. The copyright has a useful life of 6 years and a remaining legal life of 35 years. Mar. 1 Purchased a patent with an estimated useful life of 5 years and a legal life of 25 years for $85,200. Sept. 1 Purchased a small company and recorded goodwill of $151,550. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 13E

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Exercise 9-11

These are selected 2017 transactions for Novak Corporation:

Jan. 1		Purchased a copyright for $93,600. The copyright has a useful life of 6 years and a remaining legal life of 35 years.
Mar. 1		Purchased a patent with an estimated useful life of 5 years and a legal life of 25 years for $85,200.
Sept. 1		Purchased a small company and recorded goodwill of $151,550. Its useful life is indefinite.

Prepare all adjusting entries at December 31 to record amortization required by the events

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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