Teal Mountain Golf Inc. was formed on July 1, 2019, 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 $850,000 cash for Old Master. At the time, Old Masters balance sheet reported assets of $630,000 and liabilities of $190,000 (thus owners equity was $440,000). The fair value of Old Masters assets is estimated to be $830,000. Included in the assets is the Old Master trade name with a fair value of $7,000 and a copyright on some instructional books with a fair value of $33,600. 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.

Prepare the intangible assets section of Teal Mountain Golf Inc. at December 31, 2019.

TEAL MOUNTAIN GOLF INC. Intangibles Section of Balance Sheet choose the accounting period December 31, 2019For the Year Ended December 31, 2019For the Month Ended December 31, 2019
Trade names					$7,000
Copyrights					$33,180
Goodwill					$210,000
Total Intangible Assets					$250,180

How much amortization expense is included in Teal Mountain income for the year ended December 31, 2019?

Amortization expense

$420

Prepare the journal entry to record amortization expense for 2020. Prepare the intangible assets section of Teal Mountain Golf Inc. at December 31, 2020. (No impairments are required to be recorded in 2020.) (Credit account titles are automatically indented when 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.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

TEAL MOUNTAIN GOLF INC. Intangibles Section of Balance Sheet choose the accounting period For the Year Ended December 31, 2020December 31, 2020For the Month Ended December 31, 2020
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					$enter a total amount for this section