Bridgeport Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a cost of $38,000. This textbook is estimated to have a useful life of 4 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 $57,000. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Bridgeport's statement of financial position as at December 31, 2023? V . It would be reflected on the December 31, 2023 ✓ at $ V It would be reflected on the December 31, 2023 ✓ at $
Bridgeport Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a cost of $38,000. This textbook is estimated to have a useful life of 4 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 $57,000. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Bridgeport's statement of financial position as at December 31, 2023? V . It would be reflected on the December 31, 2023 ✓ at $ V It would be reflected on the December 31, 2023 ✓ at $
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Bridgeport Industries Ltd. acquired two copyrights during 2023. One copyright was on a textbook that was developed internally at a
cost of $38,000. This textbook is estimated to have a useful life of 4 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 $57,000. This textbook
seems to have an indefinite useful life. How should these two copyrights be reported on Bridgeport's statement of financial position as
at December 31, 2023?
V
. It would be reflected on the December 31, 2023
✓ at $
V
It would be reflected on the December 31, 2023
✓ at $
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