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hi i need the journal entry for legal fees Exercise 9-9 a-b Blossom Corporation has the following selected transactions during the year ended December 31,
hi i need the journal entry for legal fees
Exercise 9-9 a-b Blossom Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Mar. 1 Purchased a copyright for $118,470 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Acquired a franchise with a contract period of nine years for $487,620; the expiration date is March 1, 2027. Paid cash of $42,300 and borrowed the remainder from the bank. Sept. 1 Purchased a trademark for $70,590 cash. As the purchase was being finalized, spent $32,120 cash in legal fees to successfully defend the trademark in court. Your answer is partially correct. Try again. 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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 1 Copyrights 118470 Cash 118470 Mar. 1 Franchises 487620 Cash 42300 Bank Loan Payable 445320 Tradonarlo 70 inconStep by Step Solution
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