Exercise 8-21 (Static) Amortization of intangible assets LO P4 Milano Gallery purchases the copyright on a painting for $418,000 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 11 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 $418,000 cash. Note: Enter debits before credits. Exercise 8-21 (Static) Amortization of intangible assets LO P4 Milano Gallery purchases the copyright on a painting for $418,000 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 11 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 year-end adjusting entry for the amortization expense of the copyright. Note: Enter debits before credits