Pharoah Corporation has the following selected transactions during the year ended December $31,2024$ :

Jan. $1$ Purchased a copyright for $$128,160$ cash. The copyright has a useful life of six years and a remaining legal life of $30$

years.

Mar. $1$ Acquired a franchise with a contract period of nine years for $$548,910$; the expiration date is March $1,2033.$ Paid

cash of $$41,980$ and borrowed the remainder from the bank.

Sept. $1$ Purchased a trademark with an indefinite life for $$74,360$ cash. As the purchase was being finalized, spent $$36,630$

cash in legal fees to successfully defend the trademark in court.

Dec. $31$ Purchased an advertising agency for $$634,000$ cash. The agency's only assets reported on its statement of financial

position immediately before the purchase were accounts receivable of $$56,500,$ furniture of $$167,000,$ and

leasehold improvements of $$314,000.$ Pharoah hired an independent appraiser who estimated that the fair value

of these assets was accounts receivable $$56,500,$ furniture $$177,000,$ and leasehold improvements $$333,000.$

Pharoah is not assuming any liabilities pertaining to the agency.

Prepare the entries to record any amortization at December $31,$ assuming Pharoah records adjusting entries annually. $($List all

debit entries before credit entries. 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. $31$

$($To record amortization expense on copyrights$)$