Question Details

[solution] »

hey can you help me with this question please


Due to rapid employee turnover i


Description

Answer Download


The Question

hey can you help me with this question please


Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Bramble Corporation.

1. Bramble developed a new manufacturing process, incurring research and development costs of $154,800. The company also purchased a patent for $54,000. In early January, Bramble capitalized $208,800 as the cost of the patents. Patent amortization expense of $10,440 was recorded based on a 20-year useful life.
2. On July 1, 2017, Bramble purchased a small company and as a result recorded goodwill of $84,000. Bramble recorded a half-year?s amortization in 2017, based on a 20-year life ($2,100 amortization). The goodwill has an indefinite life.

Prepare all journal entries necessary to correct any errors made during 2017. Assume the books have not yet been closed for 2017. (Credit account titles are automatically indented when 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.)

No. Account Titles and Explanation Debit Credit
1.
(To correct the error made in recording research and development costs)
(To correct the error made in recording amortization expense)
2.




No. Account Titles and Explanation

 

Debit

 

Credit

 

1 R & D Expenses

 

154800

 

Patent

 

154800

 

(To correct the error made in recording research and development costs)

 

Patents

 

7740

 

Amortization Expenses...

 


Solution details

Solution #000121992

[solution] »

hey can you help me with this question please


Due to rapid employee turnover i.zip

Uploaded by: Tutor

Answer rating:

This paper was answered on 21-Sep-2019

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 21, 2019

EXPERT

Tutor

ANSWER RATING

BEST TUTORS

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

STUCK WITH YOUR PAPER?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now