Question 9

Kingbird Golf Inc. was formed on July 1, 2024, when Matt Magilke purchased the Old Master Golf Company. Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $790,000 cash for Old Master. At the time, Old Masters balance sheet reported assets of $650,000 and liabilities of $190,000 (thus stockholders equity was $460,000). The fair value of Old Masters assets is estimated to be $840,000. Included in the assets is the Old Master trade name with a fair value of $6,000 and a copyright on some instructional books with a fair value of $43,200. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years.

(a)

Prepare the intangible assets section of Kingbird Golf Inc. at December 31, 2024.

KINGBIRD GOLF INC. Intangibles Section of Balance Sheet choose the accounting period December 31, 2024For the Month Ended December 31, 2024For the Year Ended December 31, 2024
enter a balance sheet item					$enter a dollar amount
enter a balance sheet item					enter a dollar amount
enter a balance sheet item					enter a dollar amount
select a closing section name Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesNet Income / (Loss)Property, Plant, and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant, and EquipmentTotal RevenuesTotal Stockholders' Equity					$enter a total amount for this section

How much amortization expense is included in Kingbird income for the year ended December 31, 2024?

Amortization expense

$enter the amortization expense in dollars