**Journal Entry for Amortization Expense (2025)**Prepare the journal entry to record amortization expense for 2025. *(Credit account titles are automatically indented when 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. List debit entry before credit entry.)*| Account Titles and Explanation | Debit | Credit ||--------------------------------|-------|--------|| | | || | | |---**Larkspur Golf Inc. - Intangibles Section of Balance Sheet (December 31, 2025)**Prepare the intangible assets section of Larkspur Golf Inc. as of December 31, 2025. *(No impairments are required to be recorded in 2025.)*LARKSPUR GOLF INC. Intangibles Section of Balance Sheet| | | ||---------------------------------|---|-------------|| **[Dropdown/Option Field]** | $ | || | $ | || | $ | || | | || **[Dropdown/Option Field]** | $ | |*Note: The table includes fields for entering intangible asset information, structured to provide a clear financial overview.* **Larkspur Golf Inc. Intangible Assets Overview****Company Background:**Larkspur Golf Inc. was formed on July 1, 2024, when Matt Maplike acquired the Old Master Golf Company. Old Master is known for providing video golf instruction in kiosks within shopping malls. Larkspur plans to integrate these instructional capabilities into its line of golf equipment and accessory stores. In this acquisition:- Maplike paid $780,000 for Old Master.- Old Master's balance sheet at acquisition showed: - Assets: $630,000 - Liabilities: $210,000 - Stockholders' equity: $420,000- Fair value of Old Master’s assets: $820,000- This includes: - Old Master trade name (fair value: $8,000, 5-year renewable term, $43,200) - Copyright on instructional books (remaining life: 40 years)**Balance Sheet Explanation:**The intangible assets section of Larkspur Golf Inc.'s balance sheet as of December 31, 2024, is detailed below:- **Trade Names:** $8,000- **Copyrights:** $42,600- **Goodwill:** $170,000- **Total Intangible Assets:** $220,600**Amortization Expense Calculation:**For the year ended December 31, 2024, the amortization expense is calculated to be $540.This section provides a comprehensive view of Larkspur Golf Inc.'s intangible assets, reflecting the strategic integration of acquired assets to enhance its retail offerings and instructional media reach in the golf industry.

Intangible assets are non-physical assets with no inherent value. They include copyrights, patents,…

Prepare the journal entry to record amortization expense for 2025. (Credit account titles are automatically indented when 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. List debit entry before credit entry.) Account Titles and Explanation Debit LARKSPUR GOLF INC. Intangibles Section of Balance Sheet Credit Prepare the intangible assets section of Larkspur Golf Inc. at December 31, 2025. (No impairments are required to be recorded in 2025.)

Prepare the journal entry to record amortization expense for 2025. (Credit account titles are automatically indented when 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. List debit entry before credit entry.) Account Titles and Explanation Debit LARKSPUR GOLF INC. Intangibles Section of Balance Sheet Credit Prepare the intangible assets section of Larkspur Golf Inc. at December 31, 2025. (No impairments are required to be recorded in 2025.)

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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Subject: acounting
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