1 answer

Exercise 12-13 Presented below is information related to copyrights owned by Blossom Company at December 31,...

Question:

Exercise 12-13 Presented below is information related to copyrights owned by Blossom Company at December 31, 2017. Cost CarryPrepare the journal entry to record amortization expense for 2018 related to the copyrights. (If no entry is required, select

Exercise 12-13 Presented below is information related to copyrights owned by Blossom Company at December 31, 2017. Cost Carrying amount Expected future net cash flows Fair value $8,670,000 4,400,000 4,020,000 3,360,000 Assume that Blossom Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts. (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.) heryle for the account titles and enter o for the amounts. Credit account titles Account Titles and Explanation Debit Credit
Prepare the journal entry to record amortization expense for 2018 related to the copyrights. (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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE The fair value of the copyright at December 31, 2018, is $3,530,000. Prepare the journal entry necessary to record the increase in fair value. (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.) Account Titles and Explanation Debit Credit

Answers

1
Debit Credit
Loss on Impairment 1040000 =4400000-3360000
      Copyrights 1040000
2
Debit Credit
Amortization Expense 336000 =3360000/10
      Copyrights 336000
3
Debit Credit
NO entry 0
      NO entry 0
.

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