P12.3 (LO 1, 2, 5) (Accounting for Franchise, Patents, and Trademark) Information concerning Sandro Corporation's intangible assets is as follows.

• A trademark was purchased from Shanghai Company for $36,000 on July 1, 2017. Sandro's advertising cost to promote the trademark is $10,000 . Registration fees were $400, and the legal fees incurred were $2000. The trade mark is expected to last indefinitely. All costs were paid by Cash.

Requirement: Prepare Journal Entries to record each transactions