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Prepare entries to record the purchase of the copyright

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Reference no: EM132965964

Problem 1: Oppenhiem Gallery purchases the copyright on an oil painting for $236,700 on 1/1/2011. The copyright legally protects its owner for 12 more years. The company plans to market and sell prints of the original for 15 years. Prepare entries to record the purchase of the copyright for Year 1 and Year 2.

Reference no: EM132965964

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