??\" WileyPLUS i WileyPLUS ? ??? ?https://edugenxvileplus.com, ed uni WileyPLUS

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??" WileyPLUS i WileyPLUS ? ??? ?https://edugenxvileplus.com, ed uni WileyPLUS Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING (ACCT 221) Home Read. Study & Practice Gradebook ORION Downloadable eTextbook CALCULATOR MESSAGE HY PRINTER VERSION ASSIGNMENT RESOURCES These are selected 2017 transactions for Sheffield Corporationi Jan. 1 Purchased a copyright for $106.500. The copyright has a useful life of 6 years and a remaining legal life of 32 years Mar. 1 Purchased a patent with an estimated useful life of 5 years and a lagal lifo of 24 years for $110,400. Sept. 1 Purchased a small company and recorded goodwill of $154,250. Its useful life is indefinite ExercisC 9-16 prepara al adjusting ?ntnas at D?cember 31 to record amort zation raquired by the events. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts.) Date Aocount Tides and Explanation Debit Credit Dec. 31 Cash 7750 7750 To record amortization of Copyrights) Dec. 3Cash Patents To record amortization of Patents) Dec. 31 Goocwil To record amortization of Goodwill) Varsion 4.24.5.1 11:23 PMM O Type here to search a A3/2018 2

Explanation / Answer

31-Dec Amortization expense 17750 =106500/6         Copyrights 17750 31-Dec Amortization expense 18400 =110400/5/12*10          Patents 18400 31-Dec No entry 0 No entry 0

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