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Presented below is information related to copyrights owned by Ivanhoe Company at December $31,2020.$

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$)$

Prepare the journal entry to record the impairment of the asset at December $31,2020.$ The company does not use accumulated

amortization accounts. $($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles

are automatically indented when amount is entered. Do not indent manually.$)$

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Attempts: unlimited

$($b$)$

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