Examlse 12 13 Part Level Submiashn Presented He Ow Is Informatlon Related To Cop

Long Term assets question

Inter Financial Accounting class

Examlse 12-13 (Part Level Submiashn)Presented he‘ow Is Informatlon related to copyrights owned by Oriole Ccmpany at December 31, 2017. Cast $8,630,000Carrying amount 4.370.000Expected future net cash flows 4,040,000Falr va‘ue 3,2nn,uon Assume that Orlnle Company wll‘ continue to use thls copyflght in the future. As of DecemberSl. 2017. the copyrlght Is estlmabed to have remainlng useful life of 10 years. 7 (3) Prepare the journal entry to remra the Impalrment of the asset at December 31, 1017. The company aces not use accumulated aamomztlnn accounts. (11m: entry ls required, select "No Entry" for the account titles and enter 0 for theamounts. Credit account titles are automatlceuy indented when amount I: entered. Do not Jndent manually.) Inn-Int’rflu and Mn adult M