On 1 January 2021, Minnie Ltd acquired a customer list of a large newspaper for $800,000. The customer list includes names, contact details, demographic information, and subscription history. Minnie Ltd. expects to benefit from the information included in the customer list evenly over the next 5 years. Minnie Ltd. also purchased a copyright from the Australian History Press on 1 January 2021 for $54,000. This book analyses Australian History prior to 1995 and is considered to have an indefinite life. Required Prepare general journal entries for the year ended 30th June 2021 in relation to these acquisitions. Also, show how Minnie Ltd. would report these acquisitions in the statement of financial position at 30 June 2021.

Answer rating: 100% (QA)

Solution 1 Journal entries Date General Journal Debit Credit 1 ... View the full answer