part C

Exercise 12-13 (Part Level Submission) Presented below is information related to copyrights owned by Ivanhoe Company at December 31, 2020 Cost Carrying amount Expected future net cash flows Fair value $8,670,000 4,330,000 4,120,000 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. (IF me entry is required. select for the account titles and enter for the amounts. Cred account titles are automatically indented when amount is entered. Do not indent manually) Credit Account Titles and Explanation Loss on ImpairmentT Debit 1 0300001 Copyrights 1030000 Click if you would like to show Work for this question: Open Show Work (b) Your answer is correct Prepare the journal entry to record amortization expense for 2021 related to the copyrights. (If no entry is required, select "No Entry" for Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit G-I Amortization Expense 330000 Copyrights Click if you would like to show Work for this questioni Open Show Work 330000 SHOW LIST OF ACCOUNTS