A Enterprises is a large Canadian
A Enterprises is a large Canadian company traded on the Toronto Stock Exchange. A purchased two copyrights during 2023. The first copyright was purchased on February 1 for $17500 and was expected to have a useful life until the end of December, 2025. The second copyright was purchased on July 1 for $88200 and was expected to have an indefinite useful life. A's fiscal year-end was December 31.
On July 1, 2024, A paid $7560 in legal fees to successfully defend the first copyright in court. On September 1, 2024, A determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 7 years, beginning September 1, 2024. On April 1, 2025, A sold the second copyright for $98950. Prepare the
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