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

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the impairment of the asset at December 31, 2014. (b) Prepare the journal entry to record amortization expense for 2015. (c) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry necessary to record ts 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 ts asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years. Instructions (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014. (b) Prepare the journal entry to record amortization expense for 2015. (c) The recoverable amount of the copyright at December 31, 2015 is $1,600,000. Prepare the journal entry necessary to record ts increase in fair value.

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