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Business, 03.12.2019 02:10 markarianlaura1

In 2018, bratten fitness company made the following cash purchases: the exclusive right to manufacture and sell the x-core workout machine from symmetry corporation for $219,000. symmetry created the unique design for the machine. bratten also paid an additional $12,000 in legal and filing fees to attorneys to complete the transaction. an initial fee of $340,000 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 $6,900 for each month it operates under the silver’s gym name, with payments beginning in march 2018. bratten also purchased $419,000 of exercise equipment to be placed in the new facility. the exclusive right to sell healthy choice, a book authored by kent patterson, for $38,000. 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. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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