On December 31, 2023, Sarasota Cabs Incorporated was granted 18 taxi licences by the City of Somerdale, at a cost of $1,130 per licence. It is probable that Sarasota 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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31, 2023 Debit Credit