ht is 10 years. Assune that the Residin) Value of the Copyright is always 50 (ic., Zero). On T January 2019 WATERVILLE Company Series on an Impairment lest Copyright The Value in Use of the Copyright is $10.000/000. the Fair Value is SoJOANUA and the costs to sell are $500,000, Assume that the expected total usefal life of the Copyrig remains unchanged. On 1 January 2020, the Recoverable Amount of the Copyright is $16,000,000. The firm uses Straight Line Amortization. ABsume thud the Accounting year- end is 31 December. Assume that the expected total useful life of the Copyright is always 10 years and remains unchanged. Required: i. Show the Journal Entries required by 1 :1 January 20 (8) if. 31 De
ht is 10 years. Assune that the Residin) Value of the Copyright is always 50 (ic., Zero). On T January 2019 WATERVILLE Company Series on an Impairment lest Copyright The Value in Use of the Copyright is $10.000/000. the Fair Value is SoJOANUA and the costs to sell are $500,000, Assume that the expected total usefal life of the Copyrig remains unchanged. On 1 January 2020, the Recoverable Amount of the Copyright is $16,000,000. The firm uses Straight Line Amortization. ABsume thud the Accounting year- end is 31 December. Assume that the expected total useful life of the Copyright is always 10 years and remains unchanged. Required: i. Show the Journal Entries required by 1 :1 January 20 (8) if. 31 De
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 62P
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Question
Y2
WATERVILLE Company bought a Copyright for $20,800,000 on 1 January 201% for cash
The expected total useful life of the Copyright is 10 years. Assune that the Residin) Value of
the Copyright is always 50 (ic., Zero).
On T January 2019 WATERVILLE Company Series on an Impairment lest
Copyright
The Value in Use of the Copyright is $10.000/000. the Fair Value is SoJOANUA
and the costs to sell are $500,000, Assume that the expected total usefal life of the Copyrig
remains unchanged.
On 1 January 2020, the Recoverable Amount of the Copyright is $16,000,000.
The firm uses Straight Line Amortization. ABsume thud the Accounting year- end is 31
December. Assume that the expected total useful life of the Copyright is always 10 years and
remains unchanged.
Required:
i.
Show the Journal Entries required by
1
:1 January 20 (8)
if.
31 December 2018
ili.
1 January 2019
iv.
31 December 20 9
V.
1 January 2020.
vi
31 December 2020
ATERVILLE Company on:
Clearly show all workings.
b. Show the Financial Statement Extracts for the year-ended 31 December 2020.
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