SlideShare a Scribd company logo
The intangible assets section of Concord Corporation's balance sheet at December 31, 2022, is
presented here. The patent was acquired in January 2022 and has a useful life of 10 years. The
copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash
transactions may have affected intangible assets during 2023. Jan. 2 Paid $36 , 000 legal costs to
successfully defend the patent against infringement by another company. Jan- June Developed a
new product, incurring $257 , 500 in research and development costs. A patent was granted for
the product on July 1 , and its useful life is equal to its legal life. Legal and other costs for the
patent were $40 , 000 . Sept. 1 Paid $54 , 500 to a quarterback to appear in commercials
advertising the company's products. The commercials will air in September and October. Oct. 1
Acquired a copyright for $237 , 000 . The copyright has a useful life and legal life of 50 years.
Prepare journal entries to record the transactions. (Record entries in the order displayed in the
problem statement. Credit account titles are automatically indented when amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0
for the amounts.)

More Related Content

Similar to The intangible assets section of Concord Corporation's balance sheet a.docx

1—Balance sheet computations.(Balance Sheet) Presented b.docx
1—Balance sheet computations.(Balance Sheet) Presented b.docx1—Balance sheet computations.(Balance Sheet) Presented b.docx
1—Balance sheet computations.(Balance Sheet) Presented b.docx
LyndonPelletier761
 
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
 Hammond Manufacturing Inc. was legally incorporated on Januar.pdf Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
sales83
 
The records of Hetrick Company and Frear Corporation show the fo
The records of Hetrick Company and Frear Corporation show the foThe records of Hetrick Company and Frear Corporation show the fo
The records of Hetrick Company and Frear Corporation show the fo
trishamassafd7p
 
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1—Balance sheet computations.(Balance Sheet) Presented below is .docx1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
LyndonPelletier761
 
Acc 422 final exam
Acc 422 final examAcc 422 final exam
Acc 422 final exam
sjhack01
 
The following selected account balances were taken from the .docx
The following selected account balances were taken from the .docxThe following selected account balances were taken from the .docx
The following selected account balances were taken from the .docx
oreo10
 

Similar to The intangible assets section of Concord Corporation's balance sheet a.docx (12)

1—Balance sheet computations.(Balance Sheet) Presented b.docx
1—Balance sheet computations.(Balance Sheet) Presented b.docx1—Balance sheet computations.(Balance Sheet) Presented b.docx
1—Balance sheet computations.(Balance Sheet) Presented b.docx
 
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
 Hammond Manufacturing Inc. was legally incorporated on Januar.pdf Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
Hammond Manufacturing Inc. was legally incorporated on Januar.pdf
 
The records of Hetrick Company and Frear Corporation show the fo
The records of Hetrick Company and Frear Corporation show the foThe records of Hetrick Company and Frear Corporation show the fo
The records of Hetrick Company and Frear Corporation show the fo
 
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/snaptutorialdotcom
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/snaptutorialdotcomACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/snaptutorialdotcom
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/snaptutorialdotcom
 
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/uophelpdotcom
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/uophelpdotcomACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/uophelpdotcom
ACC 422 Final Exam Guide With EXCEL FILE seek Your Dream/uophelpdotcom
 
THE DESIGN ACT, 2000.pptx
THE DESIGN ACT, 2000.pptxTHE DESIGN ACT, 2000.pptx
THE DESIGN ACT, 2000.pptx
 
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1—Balance sheet computations.(Balance Sheet) Presented below is .docx1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
 
Accounting for Liabilities- complete.pdf
Accounting for Liabilities- complete.pdfAccounting for Liabilities- complete.pdf
Accounting for Liabilities- complete.pdf
 
ACC 422 Final Exam Guide Score 29-30 seek Your Dream/acc422martdotcom
ACC 422 Final Exam Guide Score 29-30 seek Your Dream/acc422martdotcomACC 422 Final Exam Guide Score 29-30 seek Your Dream/acc422martdotcom
ACC 422 Final Exam Guide Score 29-30 seek Your Dream/acc422martdotcom
 
Acc 422 final exam
Acc 422 final examAcc 422 final exam
Acc 422 final exam
 
The following selected account balances were taken from the .docx
The following selected account balances were taken from the .docxThe following selected account balances were taken from the .docx
The following selected account balances were taken from the .docx
 
Acct 311 final exam answers
Acct 311 final exam answersAcct 311 final exam answers
Acct 311 final exam answers
 

More from GavinhQnScottu

More from GavinhQnScottu (20)

The health care -market- is described as imperfect because- Group of a.docx
The health care -market- is described as imperfect because- Group of a.docxThe health care -market- is described as imperfect because- Group of a.docx
The health care -market- is described as imperfect because- Group of a.docx
 
The national accounts of Sparrow Chronicle are kept on parchment- A fi.docx
The national accounts of Sparrow Chronicle are kept on parchment- A fi.docxThe national accounts of Sparrow Chronicle are kept on parchment- A fi.docx
The national accounts of Sparrow Chronicle are kept on parchment- A fi.docx
 
The natural rate of unemployment is the A- same as cyclical unemployme.docx
The natural rate of unemployment is the A- same as cyclical unemployme.docxThe natural rate of unemployment is the A- same as cyclical unemployme.docx
The natural rate of unemployment is the A- same as cyclical unemployme.docx
 
The Gauss-Markov theorem requires which of the following conditions- S.docx
The Gauss-Markov theorem requires which of the following conditions- S.docxThe Gauss-Markov theorem requires which of the following conditions- S.docx
The Gauss-Markov theorem requires which of the following conditions- S.docx
 
The median for the given set of six ordered data values is 31-5- 71227.docx
The median for the given set of six ordered data values is 31-5- 71227.docxThe median for the given set of six ordered data values is 31-5- 71227.docx
The median for the given set of six ordered data values is 31-5- 71227.docx
 
The mean is the middle value of a distribution- A- True B- False C-.docx
The mean is the middle value of a distribution-  A- True  B- False  C-.docxThe mean is the middle value of a distribution-  A- True  B- False  C-.docx
The mean is the middle value of a distribution- A- True B- False C-.docx
 
The market value of my bond portfolio wirl decrease Question 5 ( 10 po.docx
The market value of my bond portfolio wirl decrease Question 5 ( 10 po.docxThe market value of my bond portfolio wirl decrease Question 5 ( 10 po.docx
The market value of my bond portfolio wirl decrease Question 5 ( 10 po.docx
 
The Galapagos archipelogo consists of volcanic islands that formed wit.docx
The Galapagos archipelogo consists of volcanic islands that formed wit.docxThe Galapagos archipelogo consists of volcanic islands that formed wit.docx
The Galapagos archipelogo consists of volcanic islands that formed wit.docx
 
The following was enciphered with a Vigenere cipher- Find the key and.docx
The following was enciphered with a Vigenere cipher- Find the key and.docxThe following was enciphered with a Vigenere cipher- Find the key and.docx
The following was enciphered with a Vigenere cipher- Find the key and.docx
 
The following table shows data for fotal assets (S billion) for a smal.docx
The following table shows data for fotal assets (S billion) for a smal.docxThe following table shows data for fotal assets (S billion) for a smal.docx
The following table shows data for fotal assets (S billion) for a smal.docx
 
The following table gives real GDP figures for an economy for four yea.docx
The following table gives real GDP figures for an economy for four yea.docxThe following table gives real GDP figures for an economy for four yea.docx
The following table gives real GDP figures for an economy for four yea.docx
 
The following structures act as the receptor- control center- and effe.docx
The following structures act as the receptor- control center- and effe.docxThe following structures act as the receptor- control center- and effe.docx
The following structures act as the receptor- control center- and effe.docx
 
The following T-account is a summary of the Cash account of Skysong- I.docx
The following T-account is a summary of the Cash account of Skysong- I.docxThe following T-account is a summary of the Cash account of Skysong- I.docx
The following T-account is a summary of the Cash account of Skysong- I.docx
 
The functional groups represented by the blue and pink boxes- represen.docx
The functional groups represented by the blue and pink boxes- represen.docxThe functional groups represented by the blue and pink boxes- represen.docx
The functional groups represented by the blue and pink boxes- represen.docx
 
The management of Williams Company is considering issuing corporate de.docx
The management of Williams Company is considering issuing corporate de.docxThe management of Williams Company is considering issuing corporate de.docx
The management of Williams Company is considering issuing corporate de.docx
 
The M2 money supply includes savings but not checking accounts will fa.docx
The M2 money supply includes savings but not checking accounts will fa.docxThe M2 money supply includes savings but not checking accounts will fa.docx
The M2 money supply includes savings but not checking accounts will fa.docx
 
The MAD for Method 1- thousand gallons (round your response to three d.docx
The MAD for Method 1- thousand gallons (round your response to three d.docxThe MAD for Method 1- thousand gallons (round your response to three d.docx
The MAD for Method 1- thousand gallons (round your response to three d.docx
 
The four steps of performance management is- define performance evalu.docx
The four steps of performance management is- define performance  evalu.docxThe four steps of performance management is- define performance  evalu.docx
The four steps of performance management is- define performance evalu.docx
 
The largest type of volcano is a volcano and is commonly made of visco.docx
The largest type of volcano is a volcano and is commonly made of visco.docxThe largest type of volcano is a volcano and is commonly made of visco.docx
The largest type of volcano is a volcano and is commonly made of visco.docx
 
The introduction of new technologies is a given in every industry and.docx
The introduction of new technologies is a given in every industry and.docxThe introduction of new technologies is a given in every industry and.docx
The introduction of new technologies is a given in every industry and.docx
 

Recently uploaded

Recently uploaded (20)

Open Educational Resources Primer PowerPoint
Open Educational Resources Primer PowerPointOpen Educational Resources Primer PowerPoint
Open Educational Resources Primer PowerPoint
 
Introduction to Quality Improvement Essentials
Introduction to Quality Improvement EssentialsIntroduction to Quality Improvement Essentials
Introduction to Quality Improvement Essentials
 
Salient features of Environment protection Act 1986.pptx
Salient features of Environment protection Act 1986.pptxSalient features of Environment protection Act 1986.pptx
Salient features of Environment protection Act 1986.pptx
 
Pragya Champions Chalice 2024 Prelims & Finals Q/A set, General Quiz
Pragya Champions Chalice 2024 Prelims & Finals Q/A set, General QuizPragya Champions Chalice 2024 Prelims & Finals Q/A set, General Quiz
Pragya Champions Chalice 2024 Prelims & Finals Q/A set, General Quiz
 
Basic Civil Engg Notes_Chapter-6_Environment Pollution & Engineering
Basic Civil Engg Notes_Chapter-6_Environment Pollution & EngineeringBasic Civil Engg Notes_Chapter-6_Environment Pollution & Engineering
Basic Civil Engg Notes_Chapter-6_Environment Pollution & Engineering
 
size separation d pharm 1st year pharmaceutics
size separation d pharm 1st year pharmaceuticssize separation d pharm 1st year pharmaceutics
size separation d pharm 1st year pharmaceutics
 
Sha'Carri Richardson Presentation 202345
Sha'Carri Richardson Presentation 202345Sha'Carri Richardson Presentation 202345
Sha'Carri Richardson Presentation 202345
 
Matatag-Curriculum and the 21st Century Skills Presentation.pptx
Matatag-Curriculum and the 21st Century Skills Presentation.pptxMatatag-Curriculum and the 21st Century Skills Presentation.pptx
Matatag-Curriculum and the 21st Century Skills Presentation.pptx
 
Instructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptxInstructions for Submissions thorugh G- Classroom.pptx
Instructions for Submissions thorugh G- Classroom.pptx
 
Gyanartha SciBizTech Quiz slideshare.pptx
Gyanartha SciBizTech Quiz slideshare.pptxGyanartha SciBizTech Quiz slideshare.pptx
Gyanartha SciBizTech Quiz slideshare.pptx
 
How to Manage Notification Preferences in the Odoo 17
How to Manage Notification Preferences in the Odoo 17How to Manage Notification Preferences in the Odoo 17
How to Manage Notification Preferences in the Odoo 17
 
How to Break the cycle of negative Thoughts
How to Break the cycle of negative ThoughtsHow to Break the cycle of negative Thoughts
How to Break the cycle of negative Thoughts
 
2024_Student Session 2_ Set Plan Preparation.pptx
2024_Student Session 2_ Set Plan Preparation.pptx2024_Student Session 2_ Set Plan Preparation.pptx
2024_Student Session 2_ Set Plan Preparation.pptx
 
50 ĐỀ LUYỆN THI IOE LỚP 9 - NĂM HỌC 2022-2023 (CÓ LINK HÌNH, FILE AUDIO VÀ ĐÁ...
50 ĐỀ LUYỆN THI IOE LỚP 9 - NĂM HỌC 2022-2023 (CÓ LINK HÌNH, FILE AUDIO VÀ ĐÁ...50 ĐỀ LUYỆN THI IOE LỚP 9 - NĂM HỌC 2022-2023 (CÓ LINK HÌNH, FILE AUDIO VÀ ĐÁ...
50 ĐỀ LUYỆN THI IOE LỚP 9 - NĂM HỌC 2022-2023 (CÓ LINK HÌNH, FILE AUDIO VÀ ĐÁ...
 
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
MARUTI SUZUKI- A Successful Joint Venture in India.pptxMARUTI SUZUKI- A Successful Joint Venture in India.pptx
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
 
Telling Your Story_ Simple Steps to Build Your Nonprofit's Brand Webinar.pdf
Telling Your Story_ Simple Steps to Build Your Nonprofit's Brand Webinar.pdfTelling Your Story_ Simple Steps to Build Your Nonprofit's Brand Webinar.pdf
Telling Your Story_ Simple Steps to Build Your Nonprofit's Brand Webinar.pdf
 
Operations Management - Book1.p - Dr. Abdulfatah A. Salem
Operations Management - Book1.p  - Dr. Abdulfatah A. SalemOperations Management - Book1.p  - Dr. Abdulfatah A. Salem
Operations Management - Book1.p - Dr. Abdulfatah A. Salem
 
Sectors of the Indian Economy - Class 10 Study Notes pdf
Sectors of the Indian Economy - Class 10 Study Notes pdfSectors of the Indian Economy - Class 10 Study Notes pdf
Sectors of the Indian Economy - Class 10 Study Notes pdf
 
The Last Leaf, a short story by O. Henry
The Last Leaf, a short story by O. HenryThe Last Leaf, a short story by O. Henry
The Last Leaf, a short story by O. Henry
 
B.ed spl. HI pdusu exam paper-2023-24.pdf
B.ed spl. HI pdusu exam paper-2023-24.pdfB.ed spl. HI pdusu exam paper-2023-24.pdf
B.ed spl. HI pdusu exam paper-2023-24.pdf
 

The intangible assets section of Concord Corporation's balance sheet a.docx

  • 1. The intangible assets section of Concord Corporation's balance sheet at December 31, 2022, is presented here. The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $36 , 000 legal costs to successfully defend the patent against infringement by another company. Jan- June Developed a new product, incurring $257 , 500 in research and development costs. A patent was granted for the product on July 1 , and its useful life is equal to its legal life. Legal and other costs for the patent were $40 , 000 . Sept. 1 Paid $54 , 500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Oct. 1 Acquired a copyright for $237 , 000 . The copyright has a useful life and legal life of 50 years. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)