Bucklord and Medlond Publshing Company own the copprights on many top authons. On January 5, Blacklord and Mectord acpured the cepyright on the literary works of Susan Morvoe, an underground novelst in the 1960s, for $825,000 cash. Due so a recent resurgence of interest in the 1950s, the coppripht has an estimated economie He of 5 vears. The residual value is estrmakd to be zere. Aequired: 1. Prepare a joumal eniry to record the acquistion of the copyright. LIABILITIES 211 Accounts Payable 212 Notes Payable 213 Income Taxes Payable 214 Wages Payable 215 Utilities Payable 216 Insurance Payable 217 Interest Payable 219 Unearned Service Revenu 231 Bonds Payable Chart Of Accounts 141 Patent 532. Depreciation Expense 142 Copyright 533 Income Taxes Expense 143 Trademark 541 Amortization Expense 144 Franchise 559 Miscellaneous Expense 145 Goodwill 561 Loss on Disposal of Properth Plant, and Equipment 151 Natural Resources 562 Loss from Impairment 159 Accumulated Depletion LIABILITIES 211 Accounts Payable 212 Notes Payable 213 Income Taxes Payable 321 Retained Earnings Chart Of Accounts CHART OF ACCOUNTS Blackford and Medford Publishing Company General Ledger ASSETS 111 Cash 112 Petty Cash 121 Accounts Recelvable 122 Notes Receivable 123 Supplies REVENUE 411 Sales Revenue 412 Service Revenue 413 Interest income 414 Rent Revenue 431 Gain on Disposal of Property, Plant, and Equipment 124 Prepaid Insurance 124 Prepaid Insurance 125 Prepaid Rent EXPENSES 126 Inventory 511 Cost of Goods Sold 129 Interest Recelvable 512 Advertising Expense 130 investment 513 Supplies Expense 131 Land 514 Utilities Expense 132 Bullings 516 Insurance Expense 133 Equipment 517 Repairs and Maintenance Expense 134 Furniture 518 Bad Debt Expense 135 Truck 521 Wages Expense 139 Accumulated Depreciation 531 Interest Expenso 532 Denreciation Frnence