Intangible Assets The Following Transactions Involving Intangible Assets of Falkland Corporation Occurred

question 39

Essay

Intangible assets
The following transactions involving intangible assets of Falkland Corporation occurred on or near December 31, 2020. Complete the chart below by preparing the journal entry(ies) needed at that date to record the transaction, and at December 31, 2021 to record any resultant amortization. If no entry is required at a particular date, write "None needed."

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Definitions:

Material Facts

Important information that could influence a decision-making process, particularly in legal and financial contexts.

Justifiably Relied

A legal principle where a party has a right to depend on the information or commitment of another, expecting it to be true or honored.

Fraudulent Misrepresentation

A false statement intentionally made to deceive, causing the victim to rely upon it to their detriment.

Suspension

The temporary cessation or pause of an activity, status, or function, often as a disciplinary measure or pending an investigation.