In 2021, Bratten Fitness Company made the following cash purchases The exclusive right to manufacture and sell the X Core workout equipment from Symmetry Corporation for $220,000 Symmetry created the unique design for the equipment Bratten also paid an additional $12,500 in legal and filing fees to attorneys to complete the transaction An initial fee of $345,000 for a three year agreement with Silvers Gym to use its name for a new facility in the local area Silvers Gym has locations throughout the country Bratten is required to pay an additional fee of $7,000 for each month it operates under the Silvers Gym name, with payments beginning in March 2021 Bratten also purchased $420,000 of exercise equipment to be placed in the new facility The exclusive right to sell Healthy Choice , a book authored by Kent Patterson, for $39,000 The book includes healthy recipes, recommendations for dietary supplements, and natural remedies Bratten plans to display the book at the check in counter at its new facility, as well as make it available online Required Prepare a summary journal entry to record expenditures related to initial acquisitions (If no entry is required for a transaction event, select No journal entry required in the first account field )

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In 2021, Bratten Fitness Company made the following cash purchases: The exclusive right to manufacture and sell the X-Core workout equipment from Symmetry Corporation for

In 2021, Bratten Fitness Company made the following cash purchases:

The exclusive right to manufacture and sell the X-Core workout equipment from Symmetry Corporation for $220,000. Symmetry created the unique design for the equipment. Bratten also paid an additional $12,500 in legal and filing fees to attorneys to complete the transaction.
An initial fee of $345,000 for a three-year agreement with Silvers Gym to use its name for a new facility in the local area. Silvers Gym has locations throughout the country. Bratten is required to pay an additional fee of $7,000 for each month it operates under the Silvers Gym name, with payments beginning in March 2021. Bratten also purchased $420,000 of exercise equipment to be placed in the new facility.
The exclusive right to sell Healthy Choice, a book authored by Kent Patterson, for $39,000. The book includes healthy recipes, recommendations for dietary supplements, and natural remedies. Bratten plans to display the book at the check-in counter at its new facility, as well as make it available online.

Required: Prepare a summary journal entry to record expenditures related to initial acquisitions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)