During annual inventory week, a department store may ask its employees to work 12 hours a day instead of the usual 8. during tax-preparation time, the store’s accounting department may work similar hours. although accounting employees are in a different department from stockroom and sales employees, it’s reasonable to expect that the accounting employees wouldn’t be terribly upset by the temporary change in hours because they’ve seen it in effect elsewhere in the store. this is an example of innovative change.
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Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.