On January 1, 2020, Joe Baseball purchased the franchise rights to open a Baseball World...
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Accounting
On January 1, 2020, Joe Baseball purchased the franchise rights to open a Baseball World hitting complex for $300,000. The franchise has an economic life of 100 years and a legal life of 25 years. There is no residual value for the franchise. Which of the following would be included in the amortization journal entry on December 31, 2020?
- A. No entry required because a franchise has an infinite life.
- B. Cr. Amortization Expense $12,000
- C. Cr. Franchise $12,000
- D. Cr. Accumulated Amortization $12,00 Homework confirmation check, Thank you again.
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