Exercise $8-21($Algo$)$ Amortization of intangible assets LO P$4$

$1\mathrm{.}5$

points

Milano Gallery purchases the copyright on a painting for $$420,000$ on January $1.$ The copyright is good for $10$ more years, after which

the copyright will expire and anyone can make prints. The company plans to sell prints for $19$ years.

Prepare entries to record the purchase of the copyright on January $1$ and its annual amortization on December $31.$

Journal entry worksheet

$12$

Record the purchase of the copyright on a painting for $$420,000$ cash.

Note: Enter debits before credits.