IS U Kleso, Intermediate Accounting, 17e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Problem 12-05 (Part Level Submission) Metlock Golf Inc. was formed on July 1, 2019, when Matt Maglike purchased the Old Master Golf Company, Old Master provides video golf instruction at dosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $800,000 cash for Old Master At the time, Old Master's balance sheet reported assets of $630,000 and liabilities of $190,000 (thus owners' equity was $440,000). The fair value of Old Master's assets is estimated to be $820,000. Included in the assets is the Old Master trade name with a fair value of $11,000 and a copyright on some instructional books with a fair value of $33,600. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years. Your answer is correct. Prepare the intangible assets section of Metiock Golf Inc. at December 31, 2019. METLOCK GOLF INC. Intangibles Section of Balance Sheet December 31, 2019 Copyrights TGoodwill DILI 11 170,000 PHE 11,000 Trade Names 214,180 | Total Intangible Assets How much amortization expense is included in Metlock income for the year ended December 31, 2019? Amortization expense 1 4 20 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT (b) Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Metlock Golf Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Tities and Explanation Debit Credit METLOCK GOLF INC. Intangibles Section of Balance Sheet SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT S SAVER ET ANSWER Attempts of used e be available when you complete the part The parts of this question must be completed in order. This part