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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