Question
Cost of a Copyright Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1, 2013,
Cost of a Copyright
Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1, 2013, and a payment of $20,000 was made to obtain a copyright. Gansac expects to sell 200,000 books evenly between 2013 and 2017 at a price of $10 per book.
Prepare journal entries to record the events related to the copyright during 2013 and 2014, assuming that sales were as projected.
2013
| ?????????? | $ ????? |
| ?????????? | $ ????? |
| Payment for copyright | |
| ?????????? | $ ????? |
| ?????????? | $ ????? |
| To record sale of 40,000 books | |
| ?????????? | $ ????? |
| ?????????? | $ ????? |
| To record amortization of copyright |
2014
?????????? $ ????? ?????????? $ ????? To record sale of 40,000 books ?????????? $ ????? ?????????? $ ?????
| To record amortization |
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Intermediate Accounting Volume 2
Authors: Thomas H. Beechy
5th Edition
0071091319, 978-0071091312
