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Prepare entries to record the purchase of the copyright

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Question - On October 1, 2020, Kingsway Broadcasting purchased for $310,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next four years. The company uses the straight-line method to amortize intangibles.

Required - Prepare entries to record:

a. The purchase of the copyright.

b. The amortization for the year ended December 31, 2020, calculated to the nearest whole month.

Reference no: EM132573497

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