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eBook Question Content Area Amortization of Intangibles On January 1, Boulder Investments Inc....

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Accounting

eBook
Question Content Area
Amortization of Intangibles
On January 1, Boulder Investments Inc. acquired a franchise to operate a Burger Doodle restaurant. Boulder paid $161,800 for a 10-year franchise and incurred organization costs of $12,000.
Required:
Question Content Area
1. Prepare the journal entry to record the cash payment for the franchise fee and the organization costs. If an amount box does not require an entry, leave it blank.
Jan. 1
Jan. 1
Question Content Area
2. Prepare the journal entry to record the annual amortization expense at the end of the first year. If an amount box does not require an entry, leave it blank.
Dec. 31

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