(Part Level Submission) The intangible assets section of Bramble Corporation's balance sheet at December 31, 2017, is presented here. $79,650 Patents ($88,500 cost less $8,850 amortization) Copyrights ($45,500 cost less $31,850 amortization) 13.650 $93,300 Tota The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 20111 and also has a useful life of 10 years.
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The following cash transactions may have affected intangible assets during 2018. 2 Paid $27,000 legal costs to successfully defend the patent against infringement by another company Developed a new product, incurring $246,000 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $40,000. 1 Paid $64,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October Jan. Jan- June Sept-Oct 1 Acquired copyright for s247,000. The copyright has a useful life and legal life of 50 years (a) Prepare journal entries to record the transactions. (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.) Debit Credit Titles and Explanation Jan. 2 27000 Patents Cash 27000 Cash Jan-June 246000. Get Accounting Homework Help Today
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