Gansac Publishing Company signed a contract with an author to publish her book. The signing took place on January 1,2016 , and a payment of $20,000 was made to obtain a copyright. Gansac expects to sell 200,000 books evenly between 2016 and 2020 at a price of $10 per book. Required: 1. Prepare journal entries to record the events related to the copyright and sales of the book during 2016 and 2017, assuming that sales were as projected. 2. Next Level How would your answer change if Gansac expected sales of the book to be 100,000 copies in 2016, 80,000 copies in 2017, and 20,000 copies over the remainder of the copyright's useful life? Chart Of Accounts 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 181 Equipment 189 Accumulated Depreciation 195 Copyright LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 533 Amortization Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings General Journal PAGE 1 GENERAL JOURNAL How would your answer change if Gansac expected sales of the book to be 100,000 copies in 2016, 80,000 copies in 2017, and 20,000 copies over the remainder of the copyright's useful life? Gansac would use an activity method of amortization and record of amortization in 2016 and of amortization in 2017