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Below Are Several Accounts and Balances from the 2017 Financial

question 18

Essay

Below are several accounts and balances from the 2017 financial statements for Torrent,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.
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$\begin{array} { l r } \text { Amortization expense } & \$ 32,000 \\\text { Amortization since inception } & 89,000 \\\text { Loss on sale of copyright } & 12,000 \\\text { Copyright } & 120,000 \\\text { Patents } & 60,000 \\\text { Land } & 80,000 \\\text { Goodwill } & 140,000 \\\text { Research and development costs } & 160,000\end{array}$ $Below are several accounts and balances from the 2017 financial statements for Torrent,Inc.Prepare the Intangible Asset section of the company's balance sheet,as well as a partial income statement in the space provided below using the accounts provided. ? \begin{array} { l r } \text { Amortization expense } & \$ 32,000 \\ \text { Amortization since inception } & 89,000 \\ \text { Loss on sale of copyright } & 12,000 \\ \text { Copyright } & 120,000 \\ \text { Patents } & 60,000 \\ \text { Land } & 80,000 \\ \text { Goodwill } & 140,000 \\ \text { Research and development costs } & 160,000 \end{array}$

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