The Ripkin Corporation Was Organized and Began to Operate on January

question 36

Essay

The Ripkin Corporation was organized and began to operate on January 1, 2014, to manufacture and sell children's clothes. During 2014, the following expenditures were recorded in the company's goodwill account:
The above transactions were recorded by an inexperienced data entry clerk.
Required:
a.Prepare an entry as of December 31, 2014, to reclassify the appropriate items from the goodwill account to appropriate accounts.
b.Prepare the adjusting entry or entries required to amortize the intangible assets using the straight-line method. Calculate amortization to the nearest month.

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Definitions:

Harlem Renaissance

A cultural, social, and artistic explosion centered in Harlem, New York, during the 1920s, marking a period of rich cultural growth among African Americans.

René Maran

A French writer of Guyanese descent who won the 1921 Goncourt Prize for his novel "Batouala," a pioneering work that represented a significant breakthrough in representing African culture and critiques of colonialism.

Jessie Redmond Fauset

A leading figure in the Harlem Renaissance, an African American editor, poet, essayist, and novelist who played a pivotal role in nurturing young black authors.

Black Artistic Creativity

The diverse range of creative works produced by African Americans, exploring themes of cultural identity, racism, and social justice.