Wildhorse Corporation has the following selected transactions during the year ended December 31, 2024: Jan. Mar. Sept. 1 (a) 1 1 Dec. 31 Purchased a copyright for $117,510 cash. The copyright has a useful life of six years and a remaining legal life of 30 years. Acquired a franchise with a contract period of nine years for $551,610; the expiration date is March 1, 2033, Paid cash of $39,240 and borrowed the remainder from the bank. Purchased a trademark with an indefinite life for $78,720 cash. As the purchase was being finalized, spent $36,090 cash in legal fees to successfully defend the trademark in court. Purchased an advertising agency for $622,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $53,500, furniture of $161,000, and leasehold improvements of $302,000. Wildhorse hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $53,500, furniture $171,000, and leasehold improvements $327,000. Wildhorse is not assuming any liabilities pertaining to the agency.

Wildhorse Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117,510 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 $551,610; the expiration date is March 1, 2033, Paid cash of $39,240 and borrowed the remainder from the bank. Sept. 1 Purchased a tradematrk with an indefinite life for $78,720 cash. As the purchase was being finalized, spent $36,090 cash in legal fees to successfully defend the trademark in court. Dec. 31 Purchased an advertising agency for $622,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $53,500, furniture of $161,000, and leasehold improvements of $302,000. Wildhorse hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $53,500, furniture $171,000, and leasehold improvements $327,000. Wildhorse is not assuming any liabilities pertaining to the agency. Prepare the entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) (To record purchase of trademark) (To record costs incurred to defend trademark) eTextbook and Media List of Accounts Savefor Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 1 Wildhorse Corporation has the following selected transactions during the year ended December 31, 2024: Jan. 1 Purchased a copyright for $117,510 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 $551,610; the expiration date is March 1, 2033, Paid cash of $39,240 and borrowed the remainder from the bank. Sept. 1 Purchased a tradematrk with an indefinite life for $78,720 cash. As the purchase was being finalized, spent $36,090 cash in legal fees to successfully defend the trademark in court. Dec. 31 Purchased an advertising agency for $622,000 cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $53,500, furniture of $161,000, and leasehold improvements of $302,000. Wildhorse hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $53,500, furniture $171,000, and leasehold improvements $327,000. Wildhorse is not assuming any liabilities pertaining to the agency. Prepare the entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) (To record purchase of trademark) (To record costs incurred to defend trademark) eTextbook and Media List of Accounts Savefor Later Attempts: 0 of 3 used Submit Answer Using multiple attempts will impact your score. 10% score reduction after attempt 1