Print by: KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Onllne-Crews/ Homewo

Question

Print by: KENYETTE WILLIAMS ACCT 2101-SP18-20502-Section IA-Onllne-Crews/ Homework-Chapter 9 Exercise 9-12 The following are selected 2019 transactions of Bramble Corporation. Jan. 1 Purchased a small company and recorded goodwill of $177,000. Its useful life is inderinite. May 1 Purchased for $144,000 a patent with an estimated useful life of 6 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Dt no entry is reguired Select "No entry-for the account titles and enter 0 for the amounts·?dit account titles are automaticary indented when amount is entered. Do not Indent manually) Date Account Tties and Explanatlion Debit Credit Dec. 31 To record goodwill amortisation) Dec. 31 To record patent amortisation) Question Attempts: 0 of 3 used

Explanation / Answer

Journal Entries

date

explanation

debit

credit

31-Dec

no entry

0

no entry

0

31-Dec

amortization expense

16000

patents

16000

amortization expense

144000*1/6*8/12

16000

Journal Entries

date

explanation

debit

credit

31-Dec

no entry

0

no entry

0

31-Dec

amortization expense

16000

patents

16000

amortization expense

144000*1/6*8/12

16000

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