Carla Vista Corporation has the following selected transactions during the year ended December 31, 2024:Jan. 1 Purchased a copyright for $117.480 cash. The copyright has a useful life of six years and a remaining legal life of 30years.Mar. 1Sept. 1Dec. 31Acquired a franchise with a contract period of nine years for $500,850; the expiration date is March 1, 2033, Paidcash of $38,820 and borrowed the remainder from the bank.Purchased a trademark with an indefinite life for $73,190 cash. As the purchase was being finalized, spent $33.150cash in legal fees to successfully defend the trademark in court.Purchased an advertising agency for $640,000 cash. The agency's only assets reported on its statement of financialposition immediately before the purchase were accounts receivable of $58,000, furniture of $170,000, andleasehold improvements of $320,000. Carla Vista hired an independent appraiser who estimated that the fairvalue of these assets was accounts receivable $58,000, furniture $180,000, and leasehold improvements$336,000. Carla Vista is not assuming any liabilities pertaining to the agency. Prepare the entries to record any amortization at December 31, assuming Carla Vista records adjusting entries annually. (List alldebit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required, select "No Entry" for the account titles and enter O for the amounts)Date Account Titles and ExplanationDec. 31Dec. 31(To record amortization expense on copyrights)(To record amortization expense on franchises)DebitCredit10.0

Journal entries are made to record the transactions as the first process in the books of accounts…

Prepare the entries to record any amortization at December 31, assuming Carla Vista records adjusting entries annually. (List all debit entries before credit entries. 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) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record amortization expense on copyrights) (To record amortization expense on franchises) Debit Credit

Prepare the entries to record any amortization at December 31, assuming Carla Vista records adjusting entries annually. (List all debit entries before credit entries. 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) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record amortization expense on copyrights) (To record amortization expense on franchises) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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11. Subject :- Accounting
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