These are selected 2017 transactions for Ayayai Corporation Jan. 1 Purchased a copyright for $75,000....
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These are selected 2017 transactions for Ayayai Corporation Jan. 1 Purchased a copyright for $75,000. The copyright has a useful life of 5 years and aremaining legal life of 30 years Mar. 1 Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $48,000 Sept. 1 Purchased a small company and recorded goodwill of $ 150,000. Its useful life is indefinite. Prepare all adjusting entries at December 31 to record amortization required by the events. (Credit account tities are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31 (To record amortization of Copyrights) Dec. 31 To record amortization of Patents) Dec. 31 To record amortization of Goodwil)
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