Exercise 9-9 a-b (Part Level Submission) Sandhill Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $124,020 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Mar. 1 Acquired a franchise with a contract period of nine years for $530,280; the expiration date is March 1, 2027. Paid cash of $43,130 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark for $77,280 cash. As the purchase was being finalized, spent $35,060 cash in legal fees to successfully defend the trademark in court. (a) Your answer is correct. Prepare the entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 1 Copyrights 124020 Cash 124020 Mar. 1 Franchises 530280 Cash 43130 Bank Loan Payable 487150 Sept. 1 ||Trademarks 77280 Cash 77280 (To record purchase of trademark) Sept. 1 | Trademarks 35060 Cash 35060 (To record costs incurred to defend trademark) (b) Your answer is partially correct. Try again. Prepare the entries to record any amortization at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense 20670 20670 Accumulated Amortization - Copy (To record amortization expense on copyrights) Dec. 31 Amortization Expense 58920 Accumulated Amortization - Fran 58920 (To record amortization expense on franchises)