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3. Books 'R' Us Company purchased a copyright to a new book series for $15,000 cash on August 1, 2013. The books are expected to
3. Books 'R' Us Company purchased a copyright to a new book series for $15,000 cash on August 1, 2013. The books are expected to have a saleable life of three years. One year later, the company spends an additional $6,000 cash to successfully defend this copyright in court. The company's year end is July 31. Journalize: (8 marks) (a) the purchase of the copyright on August 1, 2013 (use the account Copyrights); [2] (b) the year-end amortization at July 31, 2014; [2] (c) the legal costs incurred on August 1, 2014; and [2] (d) the year-end amortization at July 31, 2015. [2]
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