On October 1, 2023, Kingsway Broadcasting purchased for $288,000 the copyright to publish the music composed by
Question:
On October 1, 2023, 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
b. The amortization for the year ended December 31, 2023, calculated to the nearest whole month
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2023 Oct 1 Copyright Cash a To record pur...View the full answer
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