Question: On October 1 , 2 0 2 3 , Kingsway Broadcasting purchased for $ 5 4 0 , 0 0 0 the copyright to publish

On October

1, 2023,

Kingsway Broadcasting purchased for $

540, 000

the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next four years. The company uses the straight

-

line method to amortize intangibles.Required:Prepare entries to record:

.

The purchase of the copyright. b

.

The amortization for the year ended December

31, 2023,

calculated to the nearest whole month.

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