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Ayayai Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a cost of $34,000. This textbook is estimated to have a useful life of 2 years from July 1, 2023, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2023, for $52,000. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Ayayai's statement of financial position as at December 31, 2023? Copyright No. 1 should be Copyright No. 2 should be ✓. It would be reflected on the December 31, 2023 ✓. It would be reflected on the December 31, 2023 ✓at $ at $

Ayayai Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a cost of $34,000. This textbook is estimated to have a useful life of 2 years from July 1, 2023, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2023, for $52,000. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Ayayai's statement of financial position as at December 31, 2023? Copyright No. 1 should be Copyright No. 2 should be ✓. It would be reflected on the December 31, 2023 ✓. It would be reflected on the December 31, 2023 ✓at $ at $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ayayai Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a cost of $34,000. This textbook is estimated to have a useful life of 2 years from July 1, 2023, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2023, for $52,000. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Ayayai's statement of financial position as at December 31, 2023? Copyright No. 1 should be Copyright No. 2 should be ✓. It would be reflected on the December 31, 2023 ✓. It would be reflected on the December 31, 2023 at $ at $
Transcribed Image Text:Ayayai Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a cost of $34,000. This textbook is estimated to have a useful life of 2 years from July 1, 2023, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2023, for $52,000. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Ayayai's statement of financial position as at December 31, 2023? Copyright No. 1 should be Copyright No. 2 should be ✓. It would be reflected on the December 31, 2023 ✓. It would be reflected on the December 31, 2023 at $ at $
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