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(solution) During the current year, the accountant for the Cartwright Corpo


During the current year, the accountant for the Cartwright Corporation recorded numerous transactions in an account labeled Intangibles as follows: Jan. 2 Incorporation fees $17,500 Jan. 10 Legal fees for the organization of the company 7,500 Jan. 25 Paid for large-scale advertising campaign for the year 15,000 Apr. 1 Acquired land for $15,000 and a building for $20,000 to house the R&D activities. The building has a 20-year life. 35,000 May 15 Purchased materials exclusively for use in R&D activities. Of these materials, 20% are left at the end of the year and will be used in the same project next year. (They have no alternative use.) 15,000 June 30 Filed for a patent 10,000 July 1 Operating loss for first six months of the year 12,000 Dec. 11 Purchased an experimental machine from an inventor. The machine is expected to be used for a particular R&D activity for two years, after which it will have no residual value. 12,000 Dec. 31 Paid employees involved in R&D 30,000 Required Prepare adjusting journal entries to eliminate the Intangibles account and correctly record all the items. The company amortizes patents over 10 years.

 


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