ed tm runi LUS ed These are selected 2017 transactions for M

ed t/m runi LUS ed These are selected 2017 transactions for Marigold Corporation Jan. 1 Purchased a copyright for $219,450. The copyright has a useful lide of 7 years and a remaining legal lIife of 31 years Study Sept. 1 Purchased a small company and recorded goodwill of $151,200. ts us e is indefinite Prepare all adjusting entries at December 31 to record amortization required by the events. (Credit account orles are automaticaly indlented when the amount is entered. Do not indent manually If no entry h (To record

Solution

Date Account Titles and Explanation Debit Credit Dec 31 Amortization Expense (219450 ÷ 7 Yrs) $        31,350 Copyrights $        31,350 (To record amortization of Copyrights) Dec 31 Amortization Expense (55920÷ 4 Yrs) x (10/12) $        11,650 Patents $        11,650 (To record amortization of Patents) Dec 31 No Entry No Entry (To record amortization of Goodwill)