Larkspur Golf Inc. was formed on July 1, 2016, when Matt Magilkepurchased the Old Master Golf Company. Old Master provides videogolf instruction at kiosks in shopping malls. Magilke plans tointegrate the instructional business into his golf equipment andaccessory stores. Magilke paid $770,000 cash for Old Master. At thetime, Old Master’s balance sheet reported assets of $670,000 andliabilities of $210,000 (thus owners’ equity was $460,000). Thefair value of Old Master’s assets is estimated to be $800,000.Included in the assets is the Old Master trade name with a fairvalue of $12,000 and a copyright on some instructional books with afair value of $43,200. The trade name has a remaining life of 5years and can be renewed at nominal cost indefinitely. Thecopyright has a remaining life of 40 years. Prepare the intangibleassets section of Larkspur Golf Inc. at December 31, 2016. LARKSPURGOLF INC. Intangibles Section of Balance Sheet $ $ How muchamortization expense is included in Larkspur income for the yearended December 31, 2016? Amortization expense $ SHOW LIST OFACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the journalentry to record amortization expense for 2017. Prepare theintangible assets section of Larkspur Golf Inc. at December 31,2017. (No impairments are required to be recorded in 2017.) (Creditaccount 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.) Account Titlesand Explanation Debit Credit LARKSPUR GOLF INC. Intangibles Sectionof Balance Sheet $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TOTEXT LINK TO TEXT At the end of 2018, Magilke is evaluating theresults of the instructional business. Due to fierce competitionfrom online and television (e.g., the Golf Channel), the Old Masterreporting unit has been losing money. Its book value is now$410,000. The fair value of the Old Master reporting unit is$330,000. The implied value of goodwill is $100,000. Magilke hascollected the following information related to the company’sintangible assets. Intangible Asset Expected Cash Flows(undiscounted) Fair Values Trade names $13,800 $4,600 Copyrights46,000 41,000 Prepare the journal entries required, if any, torecord impairments on Larkspur intangible assets. (Assume that anyamortization for 2018 has been recorded.) (Credit account titlesare automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts.) Account Titles andExplanation Debit Credit