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Marigold Industries Ltd. acquired two copyrights during 2017. One copyright was on a textbook that was developed internally at a cost of $34,000. This textbook is estimated to have a useful life of 2 years from July 1, 2017, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2017, for $52,100. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Marigolds statement of financial position as at December 31, 2017? (Round answers to 0 decimal places, e.g. 5,275.)

Copyright No. 1 should be

expensedcapitalized

. It would be reflected on the December 31, 2017

income statementbalance sheet

at $

.

Copyright No. 2 should be

expensedcapitalized

. It would be reflected on the December 31, 2017

balance sheetincome statement

at $

.