Problem 9-10A a-c (Part Level Submission) The intangible assets and goodwill rep

Question

Problem 9-10A a-c (Part Level Submission) The intangible assets and goodwill reported by Sheridan Corporation at December 31, 2017, follow: $36,760 Copyrights Less: Accumulated amortization 18,380 $18,380 Trademarks Goodwill Total 56,410 124,430 $199,220 A copyright # 1 was acquired on January 1 2016, and has a useful life of Our years. The trademarks were acquired on anuary 1 20 a December 31 year end and prepares adjusting journal entries annually and are expected to have a ndefinite e me company has The following cash transactions may have affected intangible assets and goodwill during 2018 Jan. July Sept. Oct. Dec. Paid $7,630 in legal costs to successfully defend the trademarks against infringement by another company 1 Developed a new product, incurring $197,670 in research and $51,400 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Paid $64,660 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. 1 Acquired another copyright(#2) for $181,120. The new copyright has a useful life of four years. 31 Determined the recoverable amount of the goodwill to be $90,590. There was no indication that the copyrights or trademarks were impaired

Explanation / Answer

Statement of financial position (Partial) Assets $ $ Copyrights (36760+181120) 217880 Less: Accumulated amortization-Copyrights (18380+9190+11320) 38890 178990 Development costs 51400 Less: Accumulated amortization-Developmant costs 1285 50115 Trademarks (56410+7630) 64040 Goodwill (124430-33840) 90590 Total 383735

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