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Entries to Record Amortization of Intangible Assets

Author:
January 22nd, 2023

Please see attached file.
Powerglide Company, organized in 2009, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2010.

02/01/2010 Purchased patent (8-year life) $380,000
01/04/2010 Goodwill (indefinite life) 360,000
01/07/2010 Purchased franchise with 10-year life; expiration date 7/1/20 450,000
01/08/2010 Payment of copyright (5-year life) 156,000
01/09/2010 Research and development costs 215,000
$1,561,000
Instructions

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.
Make the entries as of December 31, 2010, recording any necessary amortization and reflecting all balances accurately as of that date. (Use straight-line amortization.)

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