The Family Company was expanding, and as a result they engaged in the following activities beginning in 2020: a. Paid $30,000 to the Major League

Academic Writing accounting, business-managerial-accounting The Family Company was expanding, and as a result they engaged in the following activities beginning in 2020: a. Paid $30,000 to the Major League

accounting, business-managerial-accounting

The Family Company was expanding, and as a result they engaged in the following activities beginning in 2020: a. Paid $30,000 to the Major League

The Family Company was expanding, and as a result they engaged in the following activities beginning in 2020: a. Paid $30,000 to the Major League Ballpark to have the Family name displayed on the billboard for three years. b. Purchased a franchise for $20,000 to operate trolley services around the city for tourists. The trolley service is expected to be decommissioned in 4 years due to the maintenance costs, there is hope that it will remain in service. c. Purchased a patent for $45,000. The patent was originally filed in 2015. d. The owner of the patent was a well known inventor and author who sold Family the rights to his novel in exchange for 5,000 shares of stock. The stock has a $5 par value and is currently selling for $25 per share. The novel is expected to sell 1,000,000 copies in the next 2 years. Required: Prepare the journal entries to record the amortization of the intangible assets for 2020. Amortize over their legal life unless otherwise noted.

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