Chapter 12, Problem 13E

To determine

Copyright: The exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material.

Impairment: The amount by which the carrying amount of an asset or cash-generating unit exceeds its recoverable amount is termed as impairment.

Carrying amount: The amount at which an asset is recognized in the balance sheet after deducting accumulated depreciation and accumulated impairment losses.

Given: The required information has been presented in the question.

(a)

To prepare: To prepare the journal entry to record the impairment.

To determine

(b)

To prepare: To prepare the journal entry to record amortization expense related to the copyrights.

Given Information: Refer the information given in the question.

To determine

(c)

To prepare: To prepare the journal entry to record the increase in fair value.

Given Information: Refer the information given in the question.