Warriors Productions recently purchased a copyright. Although the copyright is expected to last a minimum of 24 years, the chief executive officer of the company believes this B-list movie will only be useful for the next 19 years. The total cost of the copyright was $20,900.A. Calculate the amortization expense.$fill in the blank 24551608cfcaf94_1B. Record the journal for the first year’s expense. If an amount box does not require an entry, leave it blank. fill in the blankfill in the blank fill in the blank fill in the blank **Educational Website Transcription**Warriors Productions recently purchased a copyright. Although the copyright is expected to last a minimum of 24 years, the chief executive officer of the company believes this B-list movie will only be useful for the next 19 years. The total cost of the copyright was $20,900.**A. Calculate the amortization expense.**__$[Text Box]__**B. Record the journal for the first year’s expense. If an amount box does not require an entry, leave it blank.**- [Dropdown] [Amount Box]- [Dropdown] [Amount Box]

Amortization is an expense which is charged on intangible assets like, patent, trademark and copyrights and it reduces the net value of intangible assets over the useful period. Amortization expense is reported on expense side under the income statement.A. Calculation of amortization expense on copyright Amortization Expense=Cost of CopyrightUseful Life=$20,90019=$1,100 B. Journal entry for amortization expense Account Title and Explanation Post Ref. Debit ($) Credit ($) Amortization expense 1,100 Copyright 1,100 To record amortization expense on copyright

Answered: Warriors Productions recently purchased…

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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Warriors Productions recently purchased a copyright. Although the copyright is expected to last a minimum of 24 years, the chief executive officer of the company believes this B-list movie will only be useful for the next 19 years. The total cost of the copyright was $20,900.

A. Calculate the amortization expense.

$fill in the blank 24551608cfcaf94_1

B. Record the journal for the first year’s expense. If an amount box does not require an entry, leave it blank.

		fill in the blank	fill in the blank
		fill in the blank	fill in the blank

**Educational Website Transcription**

Warriors Productions recently purchased a copyright. Although the copyright is expected to last a minimum of 24 years, the chief executive officer of the company believes this B-list movie will only be useful for the next 19 years. The total cost of the copyright was $20,900.

**A. Calculate the amortization expense.**

__$[Text Box]__

**B. Record the journal for the first year’s expense. If an amount box does not require an entry, leave it blank.**

- [Dropdown] [Amount Box]
- [Dropdown] [Amount Box]

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