P12.1(LO 1,2,3,5)Groupwork(Correct Intangible Assets Account) Reichenbach Co., organ-ized in 2019, has set up a single...
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PLO GroupworkCorrect Intangible Assets Account Reichenbach Co organized in has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during and Intangible Assetsyear franchise; expiration date Advance payment on laboratory space year leaseNet loss for including state incorporation fee, $ and related legal fees of organizing, $all fees incurred in Patent purchased year lifeCost of developing a secret formula indefinite lifeGoodwill purchased indefinite lifeLegal fee for successful defense of patent purchased aboveResearch and development costs$ InstructionsPrepare 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 recording any necessary amortization and reflecting all balances accurately as of that date. Ignore income tax effects.
PLO GroupworkCorrect Intangible Assets Account Reichenbach Co organized in has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during and Intangible Assetsyear franchise; expiration date Advance payment on laboratory space year leaseNet loss for including state incorporation fee, $ and related legal fees of organizing, $all fees incurred in Patent purchased year lifeCost of developing a secret formula indefinite lifeGoodwill purchased indefinite lifeLegal fee for successful defense of patent purchased aboveResearch and development costs$ InstructionsPrepare 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 recording any necessary amortization and reflecting all balances accurately as of that date. Ignore income tax effects.
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