Gaylord Research, Inc., has the following intangible assets:
|
Asset |
Cost |
Date Purchased |
Expected Useful or Legal Life |
|
Goodwill |
$16,000 |
1 Jan 94 |
20 years |
|
Patent . |
136,000 |
1 Jan 96 |
17 years |
|
Franchise |
180,000 |
1 Jan 97 |
10 years |
1. Record the amortization expense for each of these intangible assets for 2003.
2. Prepare the intangible assets section of the balance sheet for Gaylord Research, Inc., as of December 31, 2003.