Find how should two copyrights be reported on bridgeport

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Problem 1: Bridgeport Industries Ltd. acquired two copyrights during 2020. One copyright was on a textbook that was developed internally at a cost of $36,000. This textbook is estimated to have a useful life of 2 years from July 1, 2020, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2020, for $54,100. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Bridgeport's statement of financial position as at December 31, 2020?

Reference no: EM132718247

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