Exercise 10-13 a1-a2 (Part Level Submission) (Video) Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) $595,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 10-year franchise 480,000 9/1/20 Research and development costs 185,000 v (a1) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Weygandt, Accounting Principles, 13e
FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202)
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9/1/20
Research and development costs
185,000
v (a1)
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adiusting entries as of December 31, 2020, recording any necessary amortization. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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
SHOW LIST OF ACCOUNTS
LINK TO TEXT
G
30
Transcribed Image Text:History Bookmarks Window Help View )) 95% O Tue 6:57 PM A edugen.wileyplus.com multiplymovement.com/english_multiply.pdf WileyPLUS WileyPLUS: MyWileyPLUS | Help I Contact Us | Log Out Weygandt, Accounting Principles, 13e FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/202) CALCULATOR STANDARD VIEW PRINTER VERSION 1 BACK NEXT 9/1/20 Research and development costs 185,000 v (a1) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adiusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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 SHOW LIST OF ACCOUNTS LINK TO TEXT G 30
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Weygandt, Accounting Principles, 13e
FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/20
CALCULATOR
STANDARD VIEW
PRINTER VERSION
1 BACK
NEXT
Exercise 10-13 a1-a2 (Part Level Submission) (Video)
Gill Company, organized in 2020, has the following transactions related to intangible assets.
1/2/20
Purchased patent (7-year life)
$595,000
4/1/20
Goodwill purchased (indefinite life)
360,000
7/1/20
10-year franchise
480,000
9/1/20
Research and development costs
185,000
- (a1)
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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
30
MacBook Air
Transcribed Image Text:multiplymovement.com/english_multiply.pdf WileyPLUS WileyPLUS: MyWileyPLUS | Help I Contact Us | Log C Weygandt, Accounting Principles, 13e FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/20 CALCULATOR STANDARD VIEW PRINTER VERSION 1 BACK NEXT Exercise 10-13 a1-a2 (Part Level Submission) (Video) Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) $595,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 10-year franchise 480,000 9/1/20 Research and development costs 185,000 - (a1) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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 30 MacBook Air
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