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Pls help me out :) Problem 9-10A a-c (Part Level Submission) The intangible assets and goodwill...

Question:

Problem 9-10A a-c (Part Level Submission) The intangible assets and goodwill reported by Pharoah Corporation at December 31,

Pls help me out :)

Problem 9-10A a-c (Part Level Submission) The intangible assets and goodwill reported by Pharoah Corporation at December 31, 2017, follow: Copyrights LEss: Accumulated amortizat ion $32,700 16,350 16,350 Trademarks 49.800 Goodwill 126,870 Total $193,020 A capyright (#1) was acquired on January 1, 2016, and has a uscful life of four years. The trademarks were acquired on January 1, 2014, and are expacted to have an indefinite life. The company has a Decoember 31 year end and prepares adjusting fournal entries annually The fallowing cash transactions may have affected intangible assets and goodwill during 2018: 5 Paid $7,020 in legal costs to successfully defend the trademarks against infringemant by another company. 1 Davelopcd a new product, inouming $189,440 in research and $50,20D in devclopment costs with prabable future benefits. The praduct is expected to have a useful life of 20 ycars 1 Paid $58,200 to a popular hockey player to apprar in coammercials advertising the company's praducts. The commercials will air in carly September. 1 Acquired another copyright (#2 ) for $ 187,280. The new copyright has a useful life of four years 31 Determined the recoverable amount of the goadwill to be SB5,280. There was na indication that the copyrights or trademarks were impaired. Jan July Sept Dct. Dec (a) Prepare journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. IT no entry is required, select "No Enttry" for the account titles and enter 0 for the amounts Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record research expense) To reod dvelapment costs)

Answers

(a) Date Account titles and explanation Debit Credit
Jan 5. Trademarks 7020
Cash 7020
(Legal costs to successfully defend the trademarks)
July 1. Research expenses 189440
Cash 189440
(To record research expense)
July 1. Development costs 50200
Cash 50200
(To record development costs)
Sept 1. Advertising expense 58200
Cash 58200
(Advertising expenses paid to a hockey player)
Oct 1. Copyrights 187280
Cash 187280
(Acquired a copyright)
Dec 31. Impairment loss (Note:1) 41590
Goodwill 41590
(To record impairment loss )
Note:1
Impairment loss:
$
Book value of goodwill 126870
Less:recoverable amount 85280
Impairment loss 41590
.

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