Thursday, September 12, 2013

Ac551 Week1 P12-1

Solutions Guide:   Please reword the answers to essay type fragmentize so as to guarantee that your answer is an original. Do not submit as is Reichenbach Co. organized in 2009, has site up a single account for all(a) intangible as deals. The future(a) compendious discloses the debit entries that have been recorded during 2009 and 2010. 7/1/09                          8 year franchise; expiration date 6/30/17               48,000 10/01/09           Advance payment in lab space(2 year lease)          24,000 12/31/09          Net outrage for 2009 including mastery incorporation fee,                                     1000, and related legal fees of organizing, $5000(all fees                Occurred in 2009.)                              16,000 1/2/2010                      Patient purchased (10- year life)                    84,000 3/1/2010                      cost of ontogeny a secret formula (indefinite life)             75,000 4/1/2010           free pad purchased (indefinite life)                          278,400 6/1/2010                      Legal fee for successful excuse of patent purchased above 12,650 9/1/2010          Research and upbringing costs                          160,000 Prepare the necessary entries to clear the Intangibles Assets account and set up separate accounts for distinct types of intangibles. Make the entries as of heavenly latitude 31, 2010, recoding any necessary amortization and reflecting all balances accurately as of that date. Ignore income tax effects.
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