Milano gallery purchases the copyright on a painting for $420,000 on january 1. the copyright is good for 10 more years. the company plans to sell prints for 19 years. prepare entries to record the purchase of the copyright on january 1 and its annual amortization on december 31.

The following transactions occur for badger biking company during the month of june: a. provide services to customers on account for $32,000. b. receive cash of $24,000 from customers in (a) above. c. purchase bike equipment by signing a note with the bank for $17,000. d. pay utilities of $3,200 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (decreases to account classifications should be entered as a negative.)