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Nash Ltd, incorporated in 2019, has these transactions related to intangible assets in that year:...

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Accounting

Nash Ltd, incorporated in 2019, has these transactions related to intangible assets in that year:
1 January Purchased patent (10-year life) for $404,140
1 July Acquired an existing 6-year franchise (expiration date 1 July 2025) for $344,520
All costs incurred were for cash and included GST of 10%. Amortisation is calculated on a straight line basis.

Required

a) Prepare the journal to record the purchase of the patent.

b) Prepare the journal to record the purchase of the franchise.

c) Prepare the journal at 31 December 2019 to record the amortisation of the:

i) patent

ii) franchise

(Enter debit entries first followed by credit entries. Please include Dr and Cr as appropriate. Narrations are not required).

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