Exercise 12-13 Presented below is information related to copyrights owned by Ivanhoe Company at December 31, 2017 is Cost $8,560,000 4,230,000 3,960,000 3,490,000 Carrying amount Expected future net cash flows ing Fair value Assume that Ivanhoe Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years me Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts. (I no entry is notiondent tNo Entry for the account titles and enter o for the amounts. Crndit aocount titiles arn automaticaly indented when amount is entered. Do Account Titles and Explanation Debit Credit Prepare the journal entry to record amortization expense for 2018 related to the copyrights. (lf no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ow Account Titles and Explanation Debit Credit The fair value of the copyright at December 31, 2018. i 3510,000. Prepare tho journal entry necessary to record the increase in fair value. (II no entry is required select "No Entry for the account titles and enter O for the amounts. Credit account titles are aufomatically indented when amount is entered. Do not indent manually.) pare Account Titles and Explanation Debit Credit