Accounting for Plant and Intangible Assets Selected transactions of Continental Publishers, Inc., r 2016are given below: Paid $85,000 to purchase copyrights to a series of romantic novels. The copyrights expire in 40 years, although sales of the novels are expected to stop after 10 years. Discovered a satellite dish antenna has been destroyed by lightning. The loss is covered by insurance and a claim is filed today. The antenna cost $9,180 when installed on July 1, 2015, and was being depreciated over 12 years with a $900 salvage alue. Straight-line depreciation was last recorded on December 31, 2015, Continental expects to receive an insurance settlement of $8,100. Mar Paid $140,000 to remodel space to create an employee exercise area on the lower level in a leased building. The building's remaining useful life is 40 years the lease on the building expires in 12 years April Paid $270,000 to acquire a patent on a new publishing process. The patent has July 1a remaining legal life of 15 years. Contnental estimates the new process will be utilized for 6 years before it becomes obsolete. Nov. Paid $90,000 to obtain a four-year franchise to sell a new series of 1computerized do-it-yourself manuals, Required a. Prepare journal entries to record these transactions. General Journal Date Description Debit Credit jan. To record purchase of copyrights. Mar To record depreciation on satellite dish antenna Mar Receivable from Insurance Company Accumulated Depreciation - Antenna To record insurance claim on antenna destroyed by lightening April To record cost of remodeling leased space July To record purchase of patent Nov To record acquisition of four-year franchise b. Prepare the December 31 journal entries to record depreciation and amortization expense for assets acquired during the year. Continental uses straight line depreciation and amortization Round all answers to the nearest dollar. General Journal Date Description Debit Cred Dec.31 To record copyright amortization Dec.31 To record depreciation of leasehold improvements. Dec.31 To record patent amortization. Dec.31 To record Franchise amortization Check