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Blossom Corporation has the following selected transactions during the year ended December 31,2024: ...

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Accounting

Blossom Corporation has the following selected transactions during the year ended December 31,2024:
Jan. 1 Purchased a copyright for $120,000 cash. The copyright has a useful life of six years and a remaining legal life of 30 years.
Mar. 1 Acquired a franchise with a contract period of nine years for $512,190; the expiration date is March 1,2033. Paid cash of $36,720 and borrowed the remainder from the bank.
Sept. 1 Purchased a trademark with an indefinite life for $74,770 cash. As the purchase was being finalized, spent $36,460 cash in legal fees to successfully defend the trademark in court.
Dec. 31 Purchased an advertising agency for $646,000cash. The agency's only assets reported on its statement of financial position immediately before the purchase were accounts receivable of $59,500, furniture of $173,000, and leasehold improvements of $326,000. Blossom hired an independent appraiser who estimated that the fair value of these assets was accounts receivable $59,500, furniture $183,000, and leasehold improvements $339,000. Blossom is not assuming any liabilities pertaining to the agency.
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Accounting