Question: Please answer all the questions a,b&c Remaining Time: 1 hour, 58 minutes, 05 seconds. Question Completion Status: A Moving to another question will save this

Please answer all the questions a,b&c

Remaining Time: 1 hour, 58 minutes, 05 seconds. Question Completion Status: A Moving to another question will save this response. Question 8 of 9 > estion 8 20 points Save Answer Problem 2: (20 Marks) Part A: (12 Marks) Presented below is information related to copyrights owned by ABC Corporation at December 31, 2020 (All Amounts are in AED). Cost 960,000 Carrying amount 570.000 Value in use 320,000 Fair value 600,000 Costs to sell 200.000 Instructions: a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (5 Marks) b. Prepare the journal entry to record amortization expense for 2021 assuming that in this scenario the copyrights have a remaining useful life of 5 years as of December 31, 2020. (3 Marks) c. The recoverable amount of the copyright at December 31, 2021 is 280,000 AED. Prepare the journal entry (if any) necessary to record this change in value. (4 Marks) art B: (8 Marks) hp

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