(Answered) The general journal of kevin berry industries included the

Accounting

The general journal of Kevin Berry Industries included the following entries relating to various expenditures during 20X5. Review this information and prepare corresponding entries to record any necessary straight-line amortization or other impairment for the year ending December 31.

GENERAL JOURNAL
Date	Accounts	Debit	Credit
1-Jan	Patent	30,000
	Cash		30,000
	Acquired a patent from an inventor. The patent has a 15-year remaining legal life, but it is expected that Berry will utilize the patent for only 5 years.

15-May	Research Expense	12,000
	Cash		12,000
	Incurred costs in research and development activity. It is possible these costs will result in new product with a 48-month life.

1-Sep	Inventory	25,000
	Building	75,000
	Goodwill	50,000
	Cash		150,000
	To record purchase of business, expected to be operated successfully for an indefinite number of future years.

20-Dec	Copyright	10,000
	Cash		10,000
	Purchased copyright to a video production, but concluded that it was worthless by year's end.

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