In Completing the Adjusting Entries for 2017 in Early 2018,the

question 288

Essay

In completing the adjusting entries for 2017 in early 2018,the internal auditor discovered that a trademark,with an estimated eight year life that was registered in January,2017 had not been amortized.The trademark cost $400,000.(The income tax rate is 40%.)
Required: Describe the steps to correct the error.

---

Definitions:

Express Yourself

The act of conveying thoughts, feelings, or ideas through words, art, or other forms of communication.

Abstract

Name usually given to a synopsis that accompanies long technical, professional, or academic reports.

Conversational Tone

A style of writing or speaking that is informal, friendly, and similar to everyday spoken language.

Personal Phrases

Expressions or idioms that are characteristic of or used by a particular person.