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taraz company paid 500 000 to purchase the following portfolio of intangibles with e 4243192

Taraz Company paid $500,000 to purchase the following portfolio of intangibles with estimated fair values as indicated:EstimatedFair ValueInternet domain name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $150,000Order backlog . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000In-process research and development . . . . . . . . . . . . . . . . . . . . . . . 200,000Operating permit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000In addition, Taraz spent $300,000 to run an advertising campaign to boost its image in the local community. Make the journal entries necessary to record the purchase of the intangibles and the payment for the advertising.View Solution:
Taraz Company paid 500 000 to purchase the following portfolio

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