Question $5$ of $8$

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

Jan. i Purchased a copyright for $$117,660$ 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 $$501,660$; the expiration date is March $1,2033.$ Paid cash of $$43,950$ and borrowed the remainder from the bank.

Sept. $1$ Purchased a trademark with an indefinite life for $$77,290$ cash. As the purchase was being finalized, spent $$37,640$ cash in legal fees to successfully defend the trademark in court.

Dec. $31$ Purchased an advertising agency for $$620,000$ cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $$53,000,$ furniture of $$160,000,$ and leasehold improvements of $$300,000.$ Sandhill hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $$53,000,$ furniture $$170,000,$ and leasehold improvements $$325,000.$ Sandhill is not assuming any liabilities pertaining to the agency.

Question $5$ of $8$

Prepare the entries to record the above transactions. $($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. Record journal entries in the order presented in the problem.$)$

Date. Account Titles and Explanation

Debit

Credit

$($To record purchase of trademark$)$