Looking for some help on this accounting qustion please...trying to figure out fair value.

Your answer is partially correct. Try again. The fair value of the copyright at December 31, 2015, is dollar 3,512,900. Prepare the journal entry (if any) necessary to record the increase in fair value. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)