On December 31, 2020, Whispering Winds Cabs Incorporated was granted 17 taxi licences by the City of Somerdale, at a cost of $1,620 per licence. It is probable that Whispering Winds 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020