Last year, new era cap company (buffalo, ny celebrated its 90th anniversary in business as a privately held company that makes a variety of hats and one of two suppliers of official mlb (major league baseball caps. according to the new york times, the company invited '90 influential people to create one-of-a-kind caps to be auctioned off for charity.' as a student of marketing, you would categorize this promotional event as a form of

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.