On October 1, 2014, Kingsway Broadcasting purchased for $288,000 the copyright to publish the music composed by

Question:

On October 1, 2014, Kingsway Broadcasting purchased for $288,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next three years. The company uses the straight-line method to amortize intangibles.

Required
Prepare entries to record:
a. The purchase of the copyright, and
b. The amortization for the year ended December 31, 2014, calculated to the nearest whole month.