Home Read, Study & Practice GradebookORION Downloadable elextbook ssignment> Ope

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Home Read, Study & Practice GradebookORION Downloadable elextbook ssignment> Open Assignment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION ·BACK NEXT ccEsercise 9 12 (Part tevel Ssabmisson) NT RESOURCES SSIGNME On January 1, 2017, Crane Company had a balance of $372,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Brief Exerese 9-13 Jan. 2 Purchased a patent (5-year life) $351,750. July 1 Acquired a 8-year franchise; expiration date July 1, 2,025, $547.200 Sept. 1 Research and development costs $183,500. Exercise 9-3 (a) Exereise 9-8 Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (Record entries in the order displayed in the problem statement. 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.) xercise 9-12 (Par Debit Credt Date Account Titles and Explanation Obiective Click if you would like to Show Work for this question: Open Shon 2000 2012 3ahn Wi&seca; ina. All Rights Reserves, A Division s Version 4.24.2.4

Explanation / Answer

Date Account Title and Explanation Debit Credit 2-Jan Patent $351,750 Cash $351,750 (Being patent purchased) 1-Jul Franchise $547,200 Cash $547,200 (Being franchise purchased) 1-Sep Research and Development Expense $183,500 Cash $183,500 (Being expenses incurred) Date Account Title and Explanation Debit Credit 1-Jan Accumulated Depreciation - Plant Assets $62,300 Plant Assets $62,300 (Being plant retired) 30-Jun Depreciation Expense $5,594 Accumulated Depreciation - Plant Assets $4,475 (To record depreciation expense for 2017) 30-Jun Accumulated Depreciation - Plant Assets $22,375 Cash $4,100 Loss on disposal of Plant Assets $9,325 Plant Assets $35,800 (Being Loss occurred on sale of asset) 31-Dec Depreciation Expense $4,220 Accumulated Depreciation - Plant Assets $4,220 (To record depreciation expense for 2017) 31-Dec Cash $9,090 Accumulated Depreciation - Plant Assets $16,880 Gain on disposal of Plant Asset $1,370 Plant Assets $24,600 (Being asset disposed)

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