The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of the $144,000 balance in this account at the end of 2021 is as follows

Date Transaction Amount
February 3 State incorporation fees and legal costs related to organizing the corporation $ 9,500
March 1 Fire insurance premium for three-year period 8,500
March 15 Purchased a copyright 25,000
April 30 Research and development costs 45,000
June 15 Legal fees for filing a patent on a new product resulting from an R&D project 5,500
September 30 Legal fee for successful defense of patent developed above 17,000
October 13 Entered into a 10-year franchise agreement with franchisor 45,000
Various Advertising costs 21,000
Total $ 176,500

Required:
Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by the transactions.

If you want to compare two different investments, what should you calculate

Prairie, inc. produces one single product. it has an annual capacity of 10,000 units, but currently uses only 80% of it. each unit is sold for $50 and requires direct material worth $30 and direct labor worth $5. manufacturing overhead cost is $10 per unit of which 70% is variable. should a special order to sell 1,000 units at $44 be accepted? yes no

Exercise 15-7 crawford corporation incurred the following transactions. 1. purchased raw materials on account $53,000. 2. raw materials of $45,200 were requisitioned to the factory. an analysis of the materials requisition slips indicated that $9,400 was classified as indirect materials. 3. factory labor costs incurred were $65,400, of which $50,200 pertained to factory wages payable and $15,200 pertained to employer payroll taxes payable. 4. time tickets indicated that $55,000 was direct labor and $10,400 was indirect labor. 5. manufacturing overhead costs incurred on account were $81,700. 6. depreciation on the company’s office building was $8,100. 7. manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. goods costing $89,400 were completed and transferred to finished goods. 9. finished goods costing $76,000 to manufacture were sold on account for $105,100. journalize the transactions. (credit account titles are automatically indented when amount is entered. do not indent manually.) no. account titles and explanation debit credit (1) (2) (3) (4) (5) (6) (7) (8) (9) (to record the sale) (to record the cost of the sale) click if you would like to show work for this question: open show work