Current Attempt in Progress Sandhill Enterprises is a large Canadian company traded on the Toronto Stock...

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Current Attempt in Progress Sandhill Enterprises is a large Canadian company traded on the Toronto Stock Exchange. Sandhill purchased two copyrights during 2023. The first copyright was purchased on February 1 for $17,500 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $75,600 and was expected to have an indefinite useful life. Sandhill's fiscal year-end was December 31. On July 1, 2024, Sandhill paid $7,020 in legal fees to successfully defend the first copyright in court. On September 1, 2024, Sandhill determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 6 years, beginning September 1, 2024. On April 1, 2025, Sandhill sold the second copyright for $87,050. Prepare the journal entries on the books of Sandhill to record the above transactions. (Hint: don't forget the year-end amortization entries). (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit (To record amortization expense) (To record disposal) Current Attempt in Progress Sandhill Enterprises is a large Canadian company traded on the Toronto Stock Exchange. Sandhill purchased two copyrights during 2023. The first copyright was purchased on February 1 for $17,500 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $75,600 and was expected to have an indefinite useful life. Sandhill's fiscal year-end was December 31. On July 1, 2024, Sandhill paid $7,020 in legal fees to successfully defend the first copyright in court. On September 1, 2024, Sandhill determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 6 years, beginning September 1, 2024. On April 1, 2025, Sandhill sold the second copyright for $87,050. Prepare the journal entries on the books of Sandhill to record the above transactions. (Hint: don't forget the year-end amortization entries). (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit (To record amortization expense) (To record disposal)