Problem 5. —Intangible assets.
The following transactions involving intangible assets of Minton Corporation occurred on or
near December 31, 2010. Complete the chart below by writing the journal entry(ies) needed
at that date to record the transaction and at December 31, 2011 to record any resultant
amortization. If no entry is required at a particular date, write "none needed."
On Date On
of Transaction December 31, 2011
1. Minton paid Grand Company $500,000 for
the exclusive right to market a particular
product, using the Grand name and logo in
promotional material. The franchise runs for
as long as Minton is in business.