ACCT 551 Week 1 Assignment Intangible Assets

E12-1

Indicated which items on the list above would generally be reported as intangible assets in the balance sheet.

Indicate how, if at all, the items not reported as intangible assets would be reported in the financial statements

E12-4

What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31, 2012?

E12-5

Prepare the entry or entries needed to correct this account. Patent’s useful life is 12 years

E12-12

Prepare the entry to record the purchase of Terrell Galleries on Graf’s books.

E12-16

(a)What account should be charged for the $325,000, and how should it be shown in the financial statements?