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Manal Elkhoshkhany
Manal Elkhoshkhany, Bachelor's Degree
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E12-5 (Correct Intangible Asset Account) As the recently appointed

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E12-5 (Correct Intangible Asset Account) As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2012, are prepared. The controller for Hillary Corporation mentions that only one account is kept for intangible assets. Intangible Assets Debit Credit Balance Jan. 4 Research and development costs 940,000 940,000 Jan. 5 Legal costs to obtain patent 75,000 1,015,000 Jan. 31 Payment of 7 months’ rent on property leased by Hillary 91,000 1,106,000 Feb. 11 Premium on common stock 250,000 856,000 March 31 Unamortized bond discount on bonds due March 31, 2032 84,000 940,000 April 30 Promotional expenses related to start-up of business 207,000 1,147,000 June 30 Operating losses for first 6 months 141,000 1,288,000 Instructions Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 12 years.
Submitted: 5 years ago.
Category: Single Problem
Expert:  Manal Elkhoshkhany replied 5 years ago.

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