Cost and Amortization of Intangible Assets

On January 2, Frazier Company purchased a restaurant franchise for $431,600. The terms of the franchise agreement allowed Frazier to have exclusive rights to operate a restaurant under the Simply Fried brand name for the next 26 years.

Required:

Prepare any journal entries related to the franchise that Frazier should make during the year. If an amount box does not require an entry, leave it blank.

Jan. 2	Accumulated DepreciationCashDelivery TruckDepreciation ExpenseFranchise	- Select -	- Select -
	Accumulated DepreciationAmortization ExpenseCashDelivery TruckDepreciation Expense	- Select -	- Select -
Dec. 31	Accumulated DepreciationAmortization ExpenseCashDelivery TruckDepreciation Expense	- Select -	- Select -
	Accumulated DepreciationCashDelivery TruckDepreciation ExpenseFranchise	- Select -	- Select -