Bartello inc. provided the following information related to copyright it owns at December 31, 2017. Bartello will continue to use the copyright in the future.

Cost $8,600,000

Carrying amount 4,300,000

Recovery amount 3, 400, 000

Required;

1. Prepare the journal entry (if any) to record the impairment of the assets at December 31, 2017.
2. Prepare the journal entry to record Amortization expense for 2017 related to copyright.
3. The fair value of the copyright at December 312, 2017is $3,500,000. Prepare the journal entry (if any) necessary to record the change in fair value.

Answer rating: 100% (QA)

1 Journal entry to record the impairment of the assets at December 31 2017 Impairment Loss Loss on I... View the full answer