Wildhorse Corporation has the following selected transaction

Wildhorse Corporation has the following selected transactions during the year ended December 31, 2018: an.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 Acquired a franchise with a contract period of nine years for $551,610; the expiration date is March 1, 2027. Paid cash of $39,240 and borrowed the 1 remainder from the bank. Sept. 1 Purchased a trademark for $78,720 cash. As the purchase was being finalized, spent $36,090 cash in legal fees to successfully defend the trademark in court. (a) Prepare the entries to record the above transactions. (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 o 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) (To record costs incurred to defend trademark)

Solution

1-Jan Copyright 117510        Cash 117510 1-Mar Franchise 551610        Cash 551610 1-Sep Trademark 78720        Cash 78720 1-Sep Trademark 36090        Cash 36090