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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 12, Problem 2P
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 8MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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During the current year, Cartwright Corporation’s accountant recorded numerous transactions in an account entitled Intangible Assets, as follows:

Chapter 12, Problem 2P, During the current year, Cartwright Corporations accountant recorded numerous transactions in an

Required:

Prepare adjusting journal entries to eliminate the Intangible Assets account and correctly record all the items, including appropriate amortization adjustments. Cartwright amortizes patents over 10 years.

To determine

Prepare necessary adjusting journal entries of Company C.

Explanation

Intangible assets: These are the long-term assets which are not physical in nature, but possess value. The intangible assets would be amortized over their definite useful life or limited useful life, and those with indefinite or unlimited lives are not amortized.

Prepare necessary adjusting journal entries of Company C as follows:

DateAccount Title & ExplanationDebit ($)Credit($)
December 31Start-up costs17,500 
 Intangible assets 17,500
 (To record the incorporation fees (start-up costs) paid during the year)  
December 31Start-up costs7,500 
 Intangible assets 7,500
 (To record the legal fees (start-up costs) paid during the year)  
December 31Advertising expense15,000 
 Intangible assets   15,000
 (To record the advertising expense incurred)  
December 31Land15,000 
 Building20,000 
 Intangible assets   35,000
 (To record the land and building acquired for the research and development activities)  
December 31Research and development expense15,000 
 Intangible assets   15,000
 (To record the materials purchased for  research and development activities)  
December 31Patent10,000 
 Intangible assets   10,000
 (To record the patent expense paid during the year)  
December 31Research and development expense12,000 
 Intangible assets   12,000
 (To record the machine purchased for research and development activities)  
December 31Research and development expense30,000 
 Intangible assets   30,000
 (To record the salaries paid for the research and development activities)  
December 31Research and develo...

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Chapter 12 Solutions

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Ch-12 P-1GICh-12 P-2GICh-12 P-3GICh-12 P-4GICh-12 P-5GICh-12 P-6GICh-12 P-7GICh-12 P-8GICh-12 P-9GICh-12 P-10GI
Ch-12 P-11GICh-12 P-12GICh-12 P-13GICh-12 P-14GICh-12 P-15GICh-12 P-16GICh-12 P-17GICh-12 P-18GICh-12 P-19GICh-12 P-20GICh-12 P-1MCCh-12 P-2MCCh-12 P-3MCCh-12 P-4MCCh-12 P-5MCCh-12 P-6MCCh-12 P-7MCCh-12 P-8MCCh-12 P-9MCCh-12 P-10MCCh-12 P-1RECh-12 P-2RECh-12 P-3RECh-12 P-4RECh-12 P-5RECh-12 P-6RECh-12 P-7RECh-12 P-8RECh-12 P-9RECh-12 P-10RECh-12 P-1ECh-12 P-2ECh-12 P-3ECh-12 P-4ECh-12 P-5ECh-12 P-6ECh-12 P-7ECh-12 P-8ECh-12 P-9ECh-12 P-10ECh-12 P-11ECh-12 P-12ECh-12 P-13ECh-12 P-14ECh-12 P-15ECh-12 P-16ECh-12 P-17ECh-12 P-18ECh-12 P-19ECh-12 P-20ECh-12 P-1PCh-12 P-2PCh-12 P-3PCh-12 P-4PCh-12 P-5PCh-12 P-6PCh-12 P-7PCh-12 P-8PCh-12 P-9PCh-12 P-10PCh-12 P-11PCh-12 P-1CCh-12 P-2CCh-12 P-3CCh-12 P-4CCh-12 P-5CCh-12 P-6CCh-12 P-7CCh-12 P-8C

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