Problem 9-7A (Part Level Submission) The intangible assets section of Glover Company at December 31, 2013, is presented below. Patents ($61,400 cost less $6,140 amortization) $55,260 Franchises ($36,200 cost less $14,480 amortization) 21,720     Total $76,980 The patent was acquired in January 2013 and has a useful life of 10 years. The franchise was acquired in January 2010 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2014. Jan. 2 Paid $40,860 legal costs to successfully defend the patent against infringement by another company. Jan.–June Developed a new product, incurring $137,570 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Sept. 1 Paid $55,760 to an extremely large defensive lineman to appear in commercials advertising the company’s products. The commercials will air in September and October. Oct. 1 Acquired a franchise for $135,000. The franchise has a useful life of 50 years. Warning res_EAT_1317806561579_0_6394574809135353_109_resp_1 res_EAT_1317806561579_0_6394574809135353_118_resp_4 res_EAT_1317806561579_0_6394574809135353_127_resp_2 res_EAT_1317806561579_0_6394574809135353_145_resp_6 res_EAT_1317806561579_0_6394574809135353_163_resp_3 res_EAT_1317806561579_0_6394574809135353_172_resp_5 res_EAT_1317806561579_0_6394574809135353_199_resp_6 :  :  :  $ $ :  :  $ [removed] Warning [removed] Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work .

1. Problem 9-7A (Part Level Submission)
The intangible assets section of Glover Company at December
31, 2013, is presented below.
Patents ($61,400 cost less $6,140 amortization)
$55,260
Franchises ($36,200 cost less $14,480 amortization)
21,720
Total
$76,980
The patent was acquired in January 2013 and has a useful life
of 10 years. The franchise was acquired in January 2010 and
also has a useful life of 10 years. The following cash
transactions may have affected intangible assets during 2014.
Jan. 2
Paid $40,860 legal costs to successfully defend the patent
against infringement by another company.
Jan.–June
Developed a new product, incurring $137,570 in research and
development costs. A patent was granted for the product on July
1. Its useful life is equal to its legal life.
Sept. 1
Paid $55,760 to an extremely large defensive lineman to appear
in commercials advertising the company’s products. The
commercials will air in September and October.
Oct. 1
Acquired a franchise for $135,000. The franchise has a useful
life of 50 years.
Warning

2. res_EAT_1317806561579_0_6394574809135353_109_resp_1
res_EAT_1317806561579_0_6394574809135353_118_resp_4
res_EAT_1317806561579_0_6394574809135353_127_resp_2
res_EAT_1317806561579_0_6394574809135353_145_resp_6
res_EAT_1317806561579_0_6394574809135353_163_resp_3

3. res_EAT_1317806561579_0_6394574809135353_172_resp_5
res_EAT_1317806561579_0_6394574809135353_199_resp_6
:

4. :
:
$
$

5. :

6. :
$
[removed]
Warning
[removed] Don't show me this message again for the assignment
Ok
Cancel
Click if you would like to Show Work for this question:
Open Show Work