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Make a journal entry to record the amortization costs

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Question - The following is information relating to the copyright of Wamser Corporation as of December 31, 2014.

Cost $2,700,000

Carrying amount $2,350,000

Recoverable amount $1,500,000

Assume Wamser will continue to use this asset in the future. As of December 31, 2014, copyright has a remaining useful life of 5 years.

Requested -

a. Make a journal entries (if any) to record asset impairment as at 31 December 2014.

b. Make a journal entry to record the amortization costs for 2015.

c. The amount of copyright that can be restored as of December 31, 2015 is $ 1,600,000. Prepare the journal entries (if any) needed to record this increase in fair value.

Reference no: EM132524803

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