Below Are Several Accounts and Balances from the Year 1

question 61

Essay

Below are several accounts and balances from the Year 1 financial statements for Fripp,Inc.Prepare the intangible asset section of the company's balance sheet,as well as a partial income statement in the space provided below using the accounts provided.
$$\begin{array} { l r } \text { Amortization expense } & 22,000 \\\text { Amortization since inception } & 88,000 \\\text { Loss an sale of trademark } & 31,000 \\\text { Patents } & 270,200 \\\text { Land } & 180,000 \\\text { Goodwril } & 250,000 \\\text { Research and development costs } & 320,000\end{array}$$
$$\begin{array} { | l | l | } \hline \text { Balance sheet } & \text { Income Statement } \\\hline & \\& \\& \\\hline\end{array}$$

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