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Problem - Cost of a Copyright - Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1, 2019, and a payment of $20,000 was made to obtain a copyright. Gansac expects to sell 200,000 books evenly between 2019 and 2023 at a price of $10 per book.
Required -
1. Prepare journal entries to record the events related to the copyright and sales of the book during 2019 and 2020, assuming that sales were as projected.
2. How would your answer change if Gansac expected sales of the book to be 100,000 copies in 2019, 80,000 copies in 2020, and 20,000 copies over the remainder of the copyright's useful life?
In the first year, the machine produced 26,432 units. If the straight-line depreciation is used, how much depreciation will be recorded in year one
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