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    Oct 14, 2011, 09:18 AM
    How do you make a journal entry for intangible assets?
    Jan. 2 Paid $45,000 legal costs to successfully defend the patent against infringement by
    Another company.

    Jan. June Developed a new product, incurring $230,000 in research and development costs. A
    Patent was granted for the product on July 1. Its useful life is equal to its legal life.

    Sept. 1 Paid $125,000 to a Newgames star to appear in commercials advertising the
    Company?s products. The commercials will air in September and October.

    Oct. 1 Acquired a copyright for $200,000.The copyright has a useful life of 50 years.

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