Milano Gallery purchases 12 more years. The company plans to market and sell prints of the original for 19 years the copyright on an oil painting for $420,000 on Januery 1, 2018. The copyright legally protects its owner for Prepare entries to record the purchase of the copyright on January 1, 2018, and its 54 annual amortization on December 31, 2018. View transaction list Journal entry worksheet Record the purchase of the copyright on an oil painting for $420,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01