12-05 (Part Level Submission) Larkspur Golf Inc. was formed on July 1, 2019, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $780,000 cash for Old Master. At the time, Old Master's balance sheet reported assets of $630,000 and liabilities of $210,000 (thus owners' equity was $420,000). The fair value of Old Master's assets is estimated to be $820,000. Included in the assets is the Old Master trade name with a fair value of $8,000 and a copyright on some instructional books with a fair value of $43,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. (a) Prepare the intangible assets section of Larkspur Golf Inc. at December 31, 2019. LARKSPUR GOLF INC. Intangibles Section of Balance Sheet For the Month Ended December 31, 2019 How much amortization expense is included in Larkspur income for the year ended December 31, 2019? accessory stores. Magilke paid $780,000 cash for Old Master. At the time, Old Master's balance sheet reported assets of $630,000 and liabilities of $210,000 (thus owners' equity was $420,000). The fair value of Old Master's assets is estimated to be $820,000. Included in the assets is the Old Master trade name with a fair value of $8,000 and a copyright on some instructional books with a fair value of $43,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. (a) Prepare the intangible assets section of Larkspur Golf Inc. at December 31, 2019. LARKSPUR GOLF INC. Intangibles Section of Balance Sheet For the Month Ended December 31, 2019 How much amortization expense is included in Larkspur income for the year ended December 31, 2019? Amortization expense SHOW LIST OF ACCOUNTS List Of Accounts Problem 12-05 (Part Level Submission) Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment No Entry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Patents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense Rent Receivable Rent Revenue Research and Development Expense Retained Earnings Trade Names Trademarks