Windsor Golf and Sports was formed on July 1, 2020, when Steve Powerdriver purchased Old Master Golf Corporation. Old Master provides video golf instruction at kiosks in shopping malls. Powerdrivers plan is to make the instruction business part of his golf equipment and accessory stores. Powerdriver paid $650,000 cash for Old Master. At the time of purchase, Old Masters statement of financial position reported assets of $570,000 and liabilities of $100,000 (shareholders equity was $470,000). The fair value of Old Masters identifiable assets was estimated to be $700,000. Included in the identifiable assets was the Old Master trade name with a fair value of $25,000 and a copyright on some instructional books with a fair value of $36,000. The trade name had a remaining legal life of five years and can be renewed indefinitely at nominal cost. The copyright had a remaining life of 40 years. Assume that Windsor Golf and Sports is a private company reporting under ASPE.

Part 1

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Prepare the intangible assets section of Windsor Golf and Sports at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,275.)

Windsor Golf and Sports INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020
		$

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Part 2

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How much amortization expense is included in Windsors income for the year ended December 31, 2020? (Round answer to 0 decimal places, e.g. 5,275.)

Amortization expense

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Part 3

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Prepare the journal entry to record the amortization expense for 2021. (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.)

Account Titles and Explanation	Debit	Credit

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Part 4

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Prepare the intangible assets section of Windsor Golf and Sports at December 31, 2021. (No impairment needs to be recorded in 2021.) (Round answers to 0 decimal places, e.g. 5,275.)

Windsor Golf and Sports INTANGIBLES AND GOODWILL SECTION OF STATEMENT OF FINANCIAL POSITION For the Month Ended December 31, 2021December 31, 2021For the Year Ended December 31, 2021
		$

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Part 5

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