Part C

Exercise 12-13 (Part Level Submission) Presented below is information related to copyrights owned by Ivanhoe Company at December 31, 2020 $8,670,000 Carrying amount 4,330.000 Expected future net cash now 4,120,000 Fair value 3,300,000 Assume that Ivanhoe Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years Your answer is correct. Prepare the journal entry to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. (Imo entry is required, select "No En for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Loss on impairment 10300001 H T Copyrights 1030000 Click if you would like to show Work for this question: Open Show Work Your answer is correct Prepare the journal entry to record amortization expense for 2021 related to the copyright ( ne entry is required, select "No Entry for the accountries and entero Cred account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Trontation Expense 330000 T copyrights Click if you would like to show Work for this question Open Show Work The fair value of the copyright at December 31, 2021, 53,570,000. Prepare the journal entry necessary to record the increase in fair value me entry is required, select "No Entry account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) for the Account Titles and Explanation Debit Click if you would like to Shew Work for this questioni on Show Work