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P12.3 (LO 1, 2, 5) (Accounting for Franchise, Patents, and Trademark) Information concerning Sandro Corporation's...

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Accounting

P12.3 (LO 1, 2, 5) (Accounting for Franchise, Patents, and Trademark) Information concerning Sandro Corporation's intangible assets is as follows.

  • A trademark was purchased from Shanghai Company for $36,000 on July 1, 2017. Sandro's advertising cost to promote the trademark is $10,000 . Registration fees were $400, and the legal fees incurred were $2000. The trade mark is expected to last indefinitely. All costs were paid by Cash.

Requirement: Prepare Journal Entries to record each transactions

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