Chan Company purchased a Copyright of a textbook for $ 2,000,000 on January 1, 2018. The term of the purchase of the copyright is 10 years. Chan Company is expected to use the copyright for 8 years. Chan Company will print the textbook and distribute to the bookstores for resale. Chan estimates that the residual value to be $0 at the end of year 8. Chan uses cost model for its copyright and uses SL method to compute amortization for all of the limited life intangible assets. 1. Prepare the journal entry to record the purchase on January 1, 2018 -01/2018 Copyright 2.000.000 cash 2.0vo, ovo 2. Prepare the adjusting entry related to the amortization of the copyright on December 31, 2018. (use manufacturing overhead ) 3. Due to the competition in the mark 1, the sales price of the textbook is expected to fluctuate (means price will go up and down) from the year 2020, Chan estimates that the Value in Use of the Copyright to be $1,200,000 on December 31, 2019. Prepare the adjusting entries (if any related to the amortization and impairment of the copyright on December 31, 2019. 4. Chan Company estimates the Value In Use of the copyright on December 31, 2020 to be $ 1,180,000. Prepare the adjusting entries (if any) related to the amortization and impairment of the copyright on December 31, 2020