Ramon Productions purchased the copyright to a film script for $264,000 on July 1. The copyright protects the owners' legal rights for the next 20 years, but producers at Ramon estimate they will only be able to use the copyright for the next 15 years. Ramon Productions uses the straight-line method of amortization and has a June 30 year-end.
Required
Prepare the journal entry to record amortization expense for the first year.