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AiN Bhd is one of the main book publishers in Klang Valley. The following are information related to copyright owned by AiN Bhd at 31
AiN Bhd is one of the main book publishers in Klang Valley. The following are information related to copyright owned by AiN Bhd at 31 December 2016. Assume that AiN Bhd will continue to use the copyright in the future. As of 31 December 2016, the copyright is estimated to have a remaining useful life of ten years. Required: (a) Prepare the joumal entry to record the impairment loss, if any, as at 31 December 2016. (b) Prepare the journal entry to record amortisation expense for 2017 related to the copyrights. (c) The fair value of the copyright at 31 December 2017 is RM4,700.000. Prepare the journal entry (if any) necessary to record the increase in fair value
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