In 2024, Bratten Fitness Company made the following cash purchases: 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 filling 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 expenditures related to initial acquisitions. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
In 2024, Bratten Fitness Company made the following cash purchases: 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 filling 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 expenditures related to initial acquisitions. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal
Chapter11: Property Dispositions
Section: Chapter Questions
Problem 84TA
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Transcribed Image Text:In 2024, Bratten Fitness Company made the following cash purchases:
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 filling 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 expenditures related to initial acquisitions.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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