information related to copyrights owned by Presented below s Cost Carrying amount Expected Futtuire net cash flow Fair value Wildhorse Company at December 31, 2017. $8,520,000 4,260,000 4,070,000 3,430,000 Assume that Wildhorse Company wil continue to use this copyright in the future. As of December 3 1, 2017, the seyright s estimated to have a remaining usefuil lite of 10 years. Your answer is cOPrect Prepare the journal entry to recoed the impeirment of the asset at December 31, 2017. The company does not use accumulated amortization accounts. (2 no entry is reguiredt, selectNo Entry for the account tities and enter 0 for the amounts. Credit accomt titles are automaticaly indented when amount is entered. Do not indent manualy Account Tiths and Explanation Credit 830000 Copyghts (c) uy The far value of the copyright at December 31, 201s, In $3,700,, Presere the jounal entry necessary to recond the ncrease in fair value, (ir no entry la reguired, aelact "Ho Entery" far the t titles and enter O for the amounta. Creave account tinles are automaticaly indented when amount is entered. Do not indent manuaty Account Titles and Explianation Debit Credt