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Jazzy Antiques purchased the copyright on a watercolour painting for $177,480 on January 1, 2020. The copyright legally protects its owner for 19 more years.

Jazzy Antiques purchased the copyright on a watercolour painting for $177,480 on January 1, 2020. The copyright legally protects its owner for 19 more years. However, Jazzy plans to market and sell prints of the original for the next 12 years only. Prepare journal entries to record the purchase of the copyright and the annual amortization of the copyright on December 31, 2020. The company uses the straight-line method to amortize intangibles. Assume that cash was paid.

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