Bridgeport Industries Ltd$.$ acquired two copyrights during $2023.$ One copyright was on a textbook that was developed internally at a cost of $$36,000.$ This textbook is estimated to have a useful life of $2$ years from July $1,2023,$ the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October $1,2023,$ for $$54,100.$ This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Bridgeport's statement of financial position as at December $31,2023?$

Copyright No$.1$ should be capitalized $.$ It would be reflected on the December $31,2023$ statement of financial position $$ at $ Copyright No$.2$ should be $$ capitalized $.$ It would be reflected on the December $31,2023$ statement of financial position