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Oriole Company, organized in 2019, has set up a single account for all intangible assets

Accounting

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Oriole Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020.

 

1/2/20 Purchased patent (7-year life) $303,800

4/1/20 Purchase goodwill (indefinite life) 344,000

7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 424,000

8/1/20 Payment of copyright (5-year life) 148,800

9/1/20 Research and development costs 214,000

$1,434,600

 

 

 

Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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.)

 

Account Titles and Explanation Debit Credit

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

 

 

 

Make the entry as of December 31, 2020, recording any necessary amortization. (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.)

 

Account Titles and Explanation Debit Credit

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

 

 

Reflect all balances accurately as of December 31, 2020.

 

Use straight-line amortization

select an intangible asset

 

$enter a dollar amount

select an intangible asset

 

$enter a dollar amount

select an intangible asset

 

$enter a dollar amount

select an intangible asset

 

$enter a dollar amount