: | CALCULATOR MESSAGE HY ?NSTRUCTOR?ruLL SCREEN PRINTER VERS?ON aACK NEXT Exerc

Question

: | CALCULATOR MESSAGE HY ?NSTRUCTOR?ruLL SCREEN PRINTER VERS?ON aACK NEXT Exercise 9-11 Your answer is partially correct. Try again. These are selected 2017 transactions for Novak Corporation: Jan. 1 Purchased a copyright for $93,600. The copyright has a useful life of 6 years and a remaining legal life of 35 years. Mar. 1 Purchased a patent with an estimated useful life of S years and a legal life of 25 years for $85,200 Sept. 1 Purchased a small company and recorded goodwill of $151,550, 1ts useful life is indefinite. 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, sefect "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31"Amortization Expense (To record amortization of Copyrights) Dec. 31 Amortization Expense (To record amortization of Patents) 40 20

Explanation / Answer

* Unless Goodwill is shown to be impaired, there is no adjustment

Date Account title and explanation Debit Credit Dec. 31 Amortization Expense 15600 Copyrights (93600/6 years) 15600 (To record amortization of copyrights) Dec. 31 Amortization Expense 14200 Patents (85200 / 60 * 10) 14200 (To record amortization of Patents) Dec. 31 No entry* (To record amortization of Goodwill)

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