Exercise 9-11 These are selected 2017 transactions for Flint Corporation: Prepar

Question

Exercise 9-11

These are selected 2017 transactions for Flint Corporation:

Prepare all adjusting entries at December 31 to record amortization required 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 titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31

(To record amortization of Copyrights)

Dec. 31

(To record amortization of Patents)

Dec. 31

(To record amortization of Goodwill)

Jan. 1 Purchased a copyright for $132,300. The copyright has a useful life of 7 years and a remaining legal life of 32 years. Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 25 years for $62,160. Sept. 1 Purchased a small company and recorded goodwill of $150,950. Its useful life is indefinite.

Explanation / Answer

31-Dec Amortization expense 18900 =132300/7           Copyright 18900 31-Dec Amortization expense 12950 =62160/4/12*10          Patents 12950 31-Dec No entry 0     No entry 0

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