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    Ivy2683's Avatar
    Ivy2683 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 4, 2008, 05:28 PM
    Prepare the necessary journal entries to clear the Intangible Assets account?
    8/1/07 Purchased copyright (8 year life estimated) 160,000
    9/1/07 Research and Development Costs 135,000
    dawgsnkats's Avatar
    dawgsnkats Posts: 130, Reputation: 7
    Junior Member
    		  
    #2

    Apr 19, 2009, 04:33 PM

    these accounts will probably be amortized over a period. Look at the year of inception. Ex.. copyright 160/8=20 per year. To clear the account, look at the leftover amortization and credit accordingly.
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