Azure Industries Ltd. acquired two copyrights during 2014. One copyright was on a textbook that was developed internally at a cost of $ 18,000. This textbook is estimated to have a useful life of three years from September 1, 2014, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on December 1, 2014, for $29,400. This textbook has an indefinite useful life. How should these two copyrights be reported on Azure's statement of financial position as at December 31, 2014?
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