Business, 22.06.2020 17:57 battlemarshmell

On January 1, 2022, Oriole Company had a balance of $397,000 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 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $292,950. July 1 Acquired a 10-year franchise; expiration date July 1, 2,027, $568,800. Sept.1 Research and development costs $181,500. 1. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. Date Account Titles and Explanation Credit Debit2. Make an entry as of December 31, 2017, recording any necessary amortization. Account Titles and Explanation Credit Debit3. Indicate what the intangible asset account balances should be on December 31, 2017.

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On January 1, 2022, Oriole Company had a balance of $397,000 of goodwill on its balance sheet that r...