Bartello inc. provided the following information related to copyright it owns at December 31, 2017. Bartello will
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Question:
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;
- Prepare the journal entry (if any) to record the impairment of the assets at December 31, 2017.
- Prepare the journal entry to record Amortization expense for 2017 related to copyright.
- 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.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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