13-12-2019
Business

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Milano Gallery purchases the copyright on an oil painting for $418,000 on January 1, 2017. The copyright legally protects its owner for 10 more years. The company plans to market and sell prints of the original for 11 years. Prepare entries to record the purchase of the copyright on January 1, 2017 and it's annual amortization on December 31, 2017.

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Shakiru Shakiru

13-12-2019

Answer:Milano Gallery journal $

Date

January 1, 2017

Copyright Dr 418,000

Bank. Cr. 418,000

Narration. Purchase of 10 years painting copyright.

December 31, 2017

Amortization Dr. 41,800

Copyright Cr 41,800

Narration. Annual amortization cost on 10 years painting copyright.

Explanation:

The copyright is recognised as an intangible purchased asset to the business and debited to bring in the value to the business with a credit to the bank account for the payment.

The copyright is amortized for 10 years it's legal year not withstanding the plan of the firm to market the painting for 11 years, for the copyright protection expires after 10 years.

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