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please help In 2018, Bratten Fltness Company made the following cash purchases: 1. The exclusive right to manufacture and sell the X-Core workout machine from
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In 2018, Bratten Fltness Company made the following cash purchases: 1. The exclusive right to manufacture and sell the X-Core workout machine from Symmetry Corporation for $220,000. Symmetry 2. An Initial fee of $345,000 for a three-year agreement with Silver's Gym to use its name for a new faclity in the local area. Silver's created the unique design for the machine. Bratten also pald an additional $12,500 In legal and filling fees to attorneys to complete the transaction. Gym has locations throughout the country. Bratten is required to pay an additional fee of $7,000 for each month it operates under the Silver's Gym name, with payments beginning in March 2018. Bratten also purchased $420,000 of exercise equipment to be placed in the new facility 3. The exclusive right to sell Healthy Choice, a book authored by Kent Patterson, for $39,000. The book includes healthy recipes, recommendations for dietary supplements, and natural remedies. Bratten plans to display the book at the check-in counter at its new facility, as well as make it available online. Required Prepare a summary journal entry to record expenditures related to Initial acquisitions. (If no entry Is required for a transaction/event select "No journal entry required" In the first account field.) View transaction list Import a new list 1 Record the expenditures related to initial acquisitions. Credit Note:- journal entry has been entered Record entry Clear entry View general journal Step by Step Solution
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