Sponad SUSTES for Pharoah Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Pharoah mentio one account is kept for intangible assets. The entries in Intangible Assets since January 1.2023 are as follows INTANGIBLE ASSETS Jan 4 5 Feb. 11 Apr 30 June 1 30 Prepare the journal entry or entries needed to co 30. Assume that the patent and the dev are auton tically indented when the on and enter O for the amounts List oll debit entries befo Account Titles and Explanation Research costs Legal costs to obtain patent Payment of seven months rent on property leased by P Research and Development Experie nangila Asen-Paten Prasad Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criterial Start-up costs for first six months of operations Rent Expense Operasing Nous Pe for Expe (To correct intangible asset account) ah February to August treat t Debit Debit 40000 1056.200 42.000 49.700 168.000 225.000 311,000 rent between the prepaid and expense accounts at Jun of 20 years d that aroah follows IFRS edit account titles select "No Entry for the accountles Leg 5.125 Credit Credit OOOOO 304.200
Sponad SUSTES for Pharoah Corporation, you have been asked to examine selected accounts before the six-month financial statements of June 30, 2023, are prepared. The controller for Pharoah mentio one account is kept for intangible assets. The entries in Intangible Assets since January 1.2023 are as follows INTANGIBLE ASSETS Jan 4 5 Feb. 11 Apr 30 June 1 30 Prepare the journal entry or entries needed to co 30. Assume that the patent and the dev are auton tically indented when the on and enter O for the amounts List oll debit entries befo Account Titles and Explanation Research costs Legal costs to obtain patent Payment of seven months rent on property leased by P Research and Development Experie nangila Asen-Paten Prasad Proceeds from issue of common shares Promotional expenses related to start-up of business Development stage costs (meet all six development stage criterial Start-up costs for first six months of operations Rent Expense Operasing Nous Pe for Expe (To correct intangible asset account) ah February to August treat t Debit Debit 40000 1056.200 42.000 49.700 168.000 225.000 311,000 rent between the prepaid and expense accounts at Jun of 20 years d that aroah follows IFRS edit account titles select "No Entry for the accountles Leg 5.125 Credit Credit OOOOO 304.200
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.6: Buying Intangible Assets And Calculating Amortization Expense
Problem 1OYO
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