1. The exclusive right to manufacture and sell the X-Core workout equipment from Symmetry Corporation for $213,000. Symmetry created the unique design for the equipment. Bratten also paid an additional $9,000 in legal and filing fees to attorneys to complete the transaction. 2. An initial fee of $310,000 for a three-year agreement with Silver's Gym to use its name for a new facility in the local area. Silver's Gym has locations throughout the country. Bratten is required to pay an additional fee of $6,300 for each month it operates under the Silver's Gym name, with payments beginning in March 2024. Bratten also purchased $413,000 of exercise equipment to be placed in the new facility. 3. The exclusive right to sell Healthy Choice, a book authored by Kent Patterson, for $32,000. The book includes healthy recipes, recommendations for dietary supplements, and natural remedies. Bratten plans to display the book at the check-in counter at its new facility, as well as make it available online. Required: Prepare a summary journal entry to record expenditures related to initial acquisitions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Notes payable Record the e Patent Prepaid insurance Note: Enter debit Research and development expense Retained earnings Transaction 1 Debit Credit >
1. The exclusive right to manufacture and sell the X-Core workout equipment from Symmetry Corporation for $213,000. Symmetry created the unique design for the equipment. Bratten also paid an additional $9,000 in legal and filing fees to attorneys to complete the transaction. 2. An initial fee of $310,000 for a three-year agreement with Silver's Gym to use its name for a new facility in the local area. Silver's Gym has locations throughout the country. Bratten is required to pay an additional fee of $6,300 for each month it operates under the Silver's Gym name, with payments beginning in March 2024. Bratten also purchased $413,000 of exercise equipment to be placed in the new facility. 3. The exclusive right to sell Healthy Choice, a book authored by Kent Patterson, for $32,000. The book includes healthy recipes, recommendations for dietary supplements, and natural remedies. Bratten plans to display the book at the check-in counter at its new facility, as well as make it available online. Required: Prepare a summary journal entry to record expenditures related to initial acquisitions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 Notes payable Record the e Patent Prepaid insurance Note: Enter debit Research and development expense Retained earnings Transaction 1 Debit Credit >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:es
1. The exclusive right to manufacture and sell the X-Core workout equipment from Symmetry Corporation for $213,000. Symmetry
created the unique design for the equipment. Bratten also paid an additional $9,000 in legal and filing fees to attorneys to
complete the transaction.
2. An initial fee of $310,000 for a three-year agreement with Silver's Gym to use its name for a new facility in the local area. Silver's
Gym has locations throughout the country. Bratten is required to pay an additional fee of $6,300 for each month it operates
under the Silver's Gym name, with payments beginning in March 2024. Bratten also purchased $413,000 of exercise equipment
to be placed in the new facility.
3. The exclusive right to sell Healthy Choice, a book authored by Kent Patterson, for $32,000. The book includes healthy recipes,
recommendations for dietary supplements, and natural remedies Bratten plans to display the book at the check-in counter at its
new facility, as well as make it available online.
Required:
Prepare a summary journal entry to record expenditures related to initial acquisitions.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
Record the e
Notes payable
Patent
Prepaid insurance
Note: Enter debit
Research and development expense
Retained earnings
Transaction
1
Debit
Credit
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