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Exercise 12-13 (Part Level Submission) Presented below is information related to copyrights owned by Ivanhoe Company at December 31, 2020. Cost $8,670,000 Carrying amount 4,330,000 Expected ture net cash flows 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 (a) 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 (I no entry is required, sele for the account tities and enter for the amounts Credit accountries are automatically indented when amount is entered. Do not indent manually) Account Tities and Explanation Debit Credit TLoss on Impairment 10300001 Copyrights 1030000 Click if you would like to show Work for this questioni Open Show Work Prepare the journal entry to record amortization expense for 2021 reisted to the copyrights. (Ir ne entry is required, select "No Entry" for the accountities and enter Credit account titles are automatically indented when amount is entered. Do not indent manually.) for the amounts. Account Titles and Explanation Debit Credit Click If you would like to show Work for this question: Open Show Work Attempts of 10 used BAVE POR LATER