Question: Galvano gallery purchases the copyright on an oil painting for
Galvano Gallery purchases the copyright on an oil painting for $432,000 on January 1, 2011. The copy right legally protects its owner for 19 more years. However, the company plans to market and sell prints of the original for only 15 years. Prepare entries to record the purchase of the copyright on January 1, 2011, and its annual amortization on December 31, 2011.
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