Exercise 8-21 (Algo) Amortization of intangible assets LO P4 Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 12 more years, after which the copyright will expire and anyone can make prints. The company plans to sell points for 19 years. Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31. View transaction let Journal entry worksheet 1 2 Record the purchase of the copyright on a painting for $420,000 cash. Note: Enter debits before credits General Journal Debit Credit Date January 01 Record entry Clear entry View general journal Exercise 8-21 (Algo) Amortization of intangible assets LO P4 Milano Gallery purchases the copyright on a painting for $420,000 on January 1. The copyright is good for 12 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 View transaction list Journal entry worksheet 2 Record the year-end adjusting entry for the amortization expense of the copyright Noter einer debits before credits Date General Journal Debit Credit December 31 Record entry Clear entry View general Journal