Check my w Exercise 8-19 Amortization of intangible assets LO P4 the copyright o
ID: 2392072 • Letter: C
Question
Check my w Exercise 8-19 Amortization of intangible assets LO P4 the copyright on an oil painting for $300,000 on January 1, 2017 The copyright legally protects its owner for 12 more years. The company plans to market and sell prints of the original for 19 years. Prepare entries to record the purchase of the copyright on January 1, 2017, and its annual amortization on December 31, 2017 Book iew transaction list Journal entry worksheet Record the purchase of the copyright on an oil painting for $300,000 cash Note: Enter debits before credits DebitCredit Jan 01 PrevfNextExplanation / Answer
1. Journal entries in the books of Milano Gallary
2) Depreciation Journal entries in the books of Montana Mining Co
Date General Journal Debit Credit Jan 01,2017 Copy Rights $300000 Cash $300000 (to record copyright purchase Dec 31,2017 Amortization Expense-Copyright $25000 Accumulated Amortization-Copyright $25000 ($300000/12years) (to record amortization)