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Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2014.                         Cost                                                     $2,700,000                         Carrying amount                                   2,350,000                         Recoverable amount                            1,500,000   Assume Wamser will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years.   Instructions (a) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry necessary to record this increase in fair value.

Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2014.                         Cost                                                     $2,700,000                         Carrying amount                                   2,350,000                         Recoverable amount                            1,500,000   Assume Wamser will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years.   Instructions (a) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry necessary to record this increase in fair value.

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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Presented below is information related to copyrights owned by Wamser Corporation at December 31, 2014.

                        Cost                                                     $2,700,000

                        Carrying amount                                   2,350,000

                        Recoverable amount                            1,500,000

 

Assume Wamser will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years.

 

Instructions

(a) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry necessary to record this increase in fair value.

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