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Question 1
During 2022, Pfeiffer Co. purchased intangible assets and debited them all to "Intangible assets".
1-Jan Research and development costs $52,000 1-Jun Goodwill Indefinite Life $64,000
1-Oct Patent 7-Year Life $252,000
(a). Prepare a journal entry to reclassify them to an intangible asset account and/or expense account.
(b). Prepare a journal entry to record amortization expense as of December 31, 2022.
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