Exercise 8-21 (Algo) Amortization of intangible assets LO P4 Mlano 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. Journal entry worksheet Record the purchase of the copyright on a painting for $420,000 cash. Note: Enter debits before credits. Journal entry worksheet Record the year-end adjusting entry for the amortization expense of the copyright. Note: Enter debits before credits. Exercise 8-24 (Algo) Evaluating efficient use of assets LO A1 Lok Company reports net sales of $5,518,000 for Year 2 and $8,279,000 for Year 3 . End-of-year balances for total assets are Year 1. $1,550,000; Year 2, \$1,765,000; and Year 3,$1,940,000 (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. is Lok performing better or worse than its competitor on the basis of total asset turnover? Complete this question by entering your answers in the tabs below. Compute Lok's total asset turnover for Year 2 and Year 3. Exercise 8-24 (Algo) Evaluating efficient use of assets LO A1 Lok Company reports net sales of $5,518,000 for Year 2 and $8,279,000 for Year 3. End-of-year balances for total assets are Year 1, $1,550,000; Year 2, \$1,765,000; and Year 3, \$1,940,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? Complete this question by entering your answers in the tabs below. Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover? Is Lok performing better or worse than its competitor on the basis of total asset turnover