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Find how much is the carrying value of the new copyright

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On Jan. 1, 2021, Hachette Book Group Publishing House exchanged its copyright over a book for one over an artwork. The book copyright has a forecasted material cashflows over another twenty years. The artwork is forecasted to have material cashflows over the next 35 years although the remaining legal life is 24 years. The book copyright has a carrying value of 4,000,000 while the artwork copyright has a fair value of 4,400,000. Hachette Book Group Publishing House additionally paid cash of 700,000 to the seller to settle the difference in valuation.

Problem 1: How much is the carrying value of the new copyright as of Dec. 31, 2024? Solutions must be in good accounting form.

Reference no: EM132888956

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