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Air New Zealand acquired an airline route authority between Auckland, New Zealand and Cairo, Egypt on 1 July 20X7 for $ 2,500,000 which expires in five years. Straight line amortization will be used. At 1 January 20X8, five tourists, one an American and the rest Australians, were abducted by Egyptian militants while holidaying in Egypt. As a result of worldwide coverage of the abduction in the print and electronic media, the number of tourists travelling to Egypt dropped drastically. Because of this adverse event, the recoverable amount of the airline route authority acquired by Air New Zealand was assessed at $ 1,000,000 on 1 January 20X8. The Egyptian economy which is largely dependent on revenue generated from foreign tourists visiting the country was severely affected as result of the abduction. In order to regain the confidence on international tourists and revive the economy, the Egyptian government invited the United States Military Pacific Command to set up a naval base on the coast line of Mediterranean on the Egyptian side. The US naval base was finally set up on July 20X9. On 1 January 20X10, due to favorable market conditions reflected by the steady surge in the number of tourist visiting Egypt, the recoverable amount was assessed at $ 1,500,000. Amortization of airline route authority is calculated based on time apportionment basis (i.e. amortization in the year of acquisition is apportioned based on number of months used in the year). The firm's year end is 31 December each year.
Required:
Problem a) Show the accounting entries in the following accounts for years 20X7 - 20X12:i) Airline route authority - Intangible Assetii) Accumulated Amortization
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