Question
In: Accounting
Riverbed Enterprises is a large Canadian company traded on the Toronto Stock Exchange. Riverbed purchased two...
Riverbed Enterprises is a large Canadian company traded on the
Toronto Stock Exchange. Riverbed purchased two copyrights during
2020. The first copyright was purchased on February 1 for $21,700
and was expected to have a useful life until the end of December,
2022. The second copyright was purchased on July 1 for $126,000 and
was expected to have an indefinite useful life. Riverbed's fiscal
year-end was December 31.
On July 1, 2021, Riverbed paid $5,040 in legal fees to successfully
defend the first copyright in court. On September 1, 2021, Riverbed
determined that the second copyright would no longer have an
indefinite useful life, and in fact would have a useful life of
another 7 years, beginning September 1, 2021. On April 1, 2022,
Riverbed sold the second copyright for $133,700.
Prepare the journal entries on the books of Riverbed to record the
above transactions. (Hint: don’t forget the year-end amortization
entries).
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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