Exercise 8-19 Amortization of intangible assets LO P4 Milano Gallery purchases the copyright on a painting for $390,000 on January 1. The copyright is good for 12 more years. 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. View transaction list Journal entry worksheet Record the year-end adjusting entry for the amortization expense of the copyright. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 I Required Information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Tory Enterprises pays $255,400 for equipment that will last five years and have a $45,300 salvage value. By using the equipment in its operations for five years, the company expects to earn $90,200 annually, after deducting all expenses except depreciation. Exercise 8-9 Straight-line depreciation and income effects LO P1 Prepare a table showing income before depreciation, depreciation expense, and net (pretax) income for each year and for the total five-year period, assuming straight-line depreciation is used. Income Before Depreciation Net (Pretax) Depreciation Expense Income Year 1 $ 102,160 90,200 $ 90,200 Year 2 Year 3 90,200 90,200 Year 4 Year 5 5 90,200 451,000 $ 0 90,200 102,160 $ 90,200 Totals $