Business, 10.04.2020 05:01 wickedskatboarder

Acquisition and Amortization of Intangible Assets TLM Technologies had these transactions related to intangible assets during 2019. Jan. 2 Purchased a patent from Luna Industries for $175,000. The remaining legal life of the patent is 15 years, and TLM expects the patent to be useful for 8 years. Jan. 5 Paid legal fees in a successful legal defense of the patent of $90,000. June 29 Registered a trademark with the federal government. Registration costs were $4,000. TLM expects to use the trademark indefinitely Sept. 2 Paid research and development costs of $478,200. Required: 1. Prepare the journal entries necessary to record the transactions. 2019 Jan. 2 - (Purchased patent) 2019 Jan 5 - (Paid legal fees to defend petent) 2019 June 29 - (Purchased trademark) 2019 Sept. 2 (Paid R&D costs) 2. Prepare the entries necessary to record amortization expense for the intangible assets. If no entry is required, type "No entry required' and leave the amount boxes blank. 2019 Dec. 31 (Record patent amortization) 2019 Dec. 31 (Record trademark amortization) 3. What is the balance of the intangible assets at the end of 2019?

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Acquisition and Amortization of Intangible Assets TLM Technologies had these transactions related to...

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