On December 31, 2020, Monty Cabs Incorporated was granted 17 taxi licences by the City of Somerdale, at a cost of $1,450 per licence. It is probable that Monty Cabs will receive the expected future economic benefits of the taxi licences. There is an active market for taxi licences in Somerdale. (a) Prepare the journal entry to record the costs incurred. (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.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31	enter a debit amount	enter a credit amount