ent BACK NE FULL SCREEN PRINTER VERSION CALCULATOR Exercise 147 The following information is available for Gorman Company. 1. Purchased a copyright on January 1, 2017 for $60,000. It is estimated to have a 10-year life. 2. On July 1, 2017, legal fees for successful defense of the copyright purchased on January 1, 2017, were $17,100. Your answer is correct. Prepare the journal entries to record all the events related to the copyright during 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit Date January 2, 2017 Copyrights 60,000 Cash 60,000 July 1, 2017 Copyrights 17,100 Cash 17.100 December 31, 2017 Amortization Expense 6,900 Copyrights 6,900 CALCULATOR FULL SCREEN BACK PRINTER VERSION NEX SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT X Your answer is incorrect. Try again. At December 31, 2018, an impairment test is performed on the copyright purchased in 2017 It is estimated that the net cash flows to be received from the copyright will be $60,000, and its fair value is $57,000. The accumulated amortization at the end of 2018 was $14,700. Compute the amount of impairment, if any, to be recorded on December 31, 2018. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Amount of impairment 5,400 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts: 2 of 3 used SAVE FOR LATER SUBMIT ANSWER Tuno horo to conrch