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Question 17 of 20 0.61/1 View Policies Show Attempt History Current Attempt in Progress Presented below is information related to copyrights owned by Wildhorse Company at December 31, 2020. Cost Carrying amount Expected future net cash flows Fair value $8,500,000 4.460,000 3,990,000 3,240,000 Assume that Wildhorse Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Your answer is partially correct. The fair value of the copyright at December 31, 2021, is $3,610,000. Prepare the journal entry necessary to record the increase in fair value. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Amortization Expense 370000 Copyrights 370000