On May 1, 2023 X-cell Inc. purchased for cash of $22,500 the copyright to publish the...

Transcribed Image Text:

On May 1, 2023 X-cell Inc. purchased for cash of $22,500 the copyright to publish the music composed by a local band. X-cell Inc. expects the music to be sold over the next 5 years. Give the entries to record : a. The purchase of the copyright. b. The amortization on December 31, 2023 (calculated to the nearest whole month). Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Ensure accuracy in your calculations and round only your final answer to the nearest whole dollar. Date General Journal Account/Explanation F Debit Page GJ2 Credit On May 1, 2023 X-cell Inc. purchased for cash of $22,500 the copyright to publish the music composed by a local band. X-cell Inc. expects the music to be sold over the next 5 years. Give the entries to record : a. The purchase of the copyright. b. The amortization on December 31, 2023 (calculated to the nearest whole month). Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Ensure accuracy in your calculations and round only your final answer to the nearest whole dollar. Date General Journal Account/Explanation F Debit Page GJ2 Credit