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I would really appreciate some help with my franchise amortization expense! I am not sure why it is not balancing. Exercise 9-9 a-b Wildhorse Corporation
I would really appreciate some help with my franchise amortization expense! I am not sure why it is not balancing.
Exercise 9-9 a-b Wildhorse Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $117,120 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 $499,230; the expiration date is March 1, 2027. Paid cash of $43,360 and borrowed the remainder from the bank. Sept. Pro Purchased a trademark for $71,440 cash. As the purchase was being finalized, spent $37,840 cash in legal fees to successfully defend the trademark in court. Prepare the entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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 T Jan. 1 Copyrights Cash 117120 T Mar. 1 | Franchises 499230 Cash IT THOUGLION HU HUGHUHU! 43360 Bank Loan Payable 455870 Sept. 1 Trademarks 71440 I 71440 Cash (To record purchase of trademark) Sept. 1 Sept. 1 $ |Trademarks Trademarks 37840 T O Cash 37840 (To record costs incurred to defend trademark) 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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31 |Amortization Expense 19520 Accumulated Amortization - Copyrights | 19520 (To record amortization expense on copyrights) Dec. 31 Amortization Expense 55470 Accumulated Amortization - Franchises (To record amortization expense on franchises) Exercise 9-9 a-b Wildhorse Corporation has the following selected transactions during the year ended December 31, 2018: Jan. 1 Purchased a copyright for $117,120 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 $499,230; the expiration date is March 1, 2027. Paid cash of $43,360 and borrowed the remainder from the bank. Sept. Pro Purchased a trademark for $71,440 cash. As the purchase was being finalized, spent $37,840 cash in legal fees to successfully defend the trademark in court. Prepare the entries to record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. 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 T Jan. 1 Copyrights Cash 117120 T Mar. 1 | Franchises 499230 Cash IT THOUGLION HU HUGHUHU! 43360 Bank Loan Payable 455870 Sept. 1 Trademarks 71440 I 71440 Cash (To record purchase of trademark) Sept. 1 Sept. 1 $ |Trademarks Trademarks 37840 T O Cash 37840 (To record costs incurred to defend trademark) 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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Dec. 31 |Amortization Expense 19520 Accumulated Amortization - Copyrights | 19520 (To record amortization expense on copyrights) Dec. 31 Amortization Expense 55470 Accumulated Amortization - Franchises (To record amortization expense on franchises)Step by Step Solution
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