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P12-1 (Correct Intangible Asset Account)
Reichenbach Co., organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012 and 2013.
Intangible Assets
01-Jul-12
8-year franchise; expiration date 6/30/19
51,840
01-Oct-12
Advance payment on laboratory space (2-year lease)
$26,080
31-Dec-12
Net loss for 2011 including state incorporation fee,
1,960,
and related legal fees of organizing, $4,620 (all fees
incurred in 2011)
16,030
02-Jan-13
Patent purchased (10-year life)
84,280
01-Mar-13
Cost of developing a secret formula (indefinite life)
79,370
01-Apr-13
Goodwill purchased (indefinite life)
275,060
01-Jun-13
Legal fee for successful defense of patent
22,885
01-Sep-13
Research and development costs
153,900

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2013, recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore income tax effects.) (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

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