Answer ALL Questions (4 x 5 marks = 20 marks) Q-1: In early January 2012, Sony Co. applied for a copy, incurring legal costs of $12,000. In January 2013, Sony incurred $7,800 of legal fees in a successful defense of its copy rights. It is estimated that it has a life of 10 years. Required: a) Compute 2012 amortization, 31 Dec 2012 book value, 2013 amortization, and 31 Dec 2013 book value if the company amortizes the copy rights over 8 years. b) Compute the 2013 amortization and the 31 Dec 2013 book value, assuming that at the beginning of 2013, Sony determines that the copy rights will provide no future benefits beyond December 31, 2021. c) Calculate the 2014 amortization and the 31 Dec 2014 book value, assuming that at the beginning of 2014, based on new market research, Sony determines that the recoverable amount of the copy rights is $16,000