And: Milano Gallery purchases the copyright on an oil painting for $330,000 on J

Question

And:

Milano Gallery purchases the copyright on an oil painting for $330,000 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 View transaction list Journal entry worksheet 2 Record the purchase of the copyright on an oil painting for $330,000 cash Note: Enter debits before credits. Date General Journal Debit Credit Jan 01

Explanation / Answer

Date General Journal Debit Credit 1-Jan Copyright 330,000 cash 330,000 31-Dec Amortization expense -Copyright 27500 Accumulated amortization -copyright 27,500 (330,000/12)

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