Presented below is information related to copyrights owned by Ivanhoe Company at December 31, 2020. Cost $8,620,000 Carrying amount Expected future net cash flows 4,180,000 4,300,000 Fairvalue 3,440,000 Assume that Ivanhoe Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have aremaining useful life of 10 years. Preare the umal erery toreord the impaentothe aseta Decemter 31.20n The comer does etuneudated amoriationas amry t seet " Act ves and Exptanation Cedi eTetok and Media List of Accouts Prepare the joumal entry to record amortization eere for 2021relaced to che coovrights. anetryeed, cr NoEtryfor theaccount riesondener Ofor he omounts Credit tesre atoy inlented whenamnteter Den ent Account Titles and Explanation Debt Crel The fair value of the copyright at December 31, 2021, is $3,680,000. Prepare the journal entry necessary to record the increase in fair value. Account Titles and Explanation Debit Credit

Presented below is information related to copyrights owned by Ivanhoe Company at December 31, 2020. Cost $8,620,000 Carrying amount Expected future net cash flows 4,180,000 4,300,000 Fairvalue 3,440,000 Assume that Ivanhoe Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have aremaining useful life of 10 years. Preare the umal erery toreord the impaentothe aseta Decemter 31.20n The comer does etuneudated amoriationas amry t seet " Act ves and Exptanation Cedi eTetok and Media List of Accouts Prepare the joumal entry to record amortization eere for 2021relaced to che coovrights. anetryeed, cr NoEtryfor theaccount riesondener Ofor he omounts Credit tesre atoy inlented whenamnteter Den ent Account Titles and Explanation Debt Crel The fair value of the copyright at December 31, 2021, is $3,680,000. Prepare the journal entry necessary to record the increase in fair value. Account Titles and Explanation Debit Credit

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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