Question: Brief Exercise 12-13 Sinise Industries acquired two copyrights during 2014. One copyright related to a textbook that was developed internally at a cost of $12,200.

Brief Exercise 12-13 Sinise Industries acquired two copyrights during 2014. One copyright related to a textbook that was developed internally at a cost of $12,200. This textbook is estimated to have a useful life of 4 years from September 1, 2014, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2014, for $21,700. This textbook has an indefinite useful life. How should these two copyrights be reported on Sinises balance sheet as of December 31, 2014?

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