Milano Gallery purchases the copyright on a painting for $300,000 on January 1. The copyright is good for 10 more years, after which the copyright will explire and anyone can make prints. The company plans to sell prints for 19 years. Prepare entries to record the purchase of the copyright on Jantary 1 and its annual amortization on December 31. Journal entry worksheet Record the purchase of the copyright on a painting for, $300,000 cash. Note: Fitter debits before credits Millane Gallery purchases the copyilght on a painting for $300.000 on January 1. The copylight is good for to more years. after which the copyright will expire and anyone can make prints. The company plans to sell prints for 19 years, Prepare entries to record the purchase of the copyright on January 1 and its annual amortization on December 31 . Journal entry worksheet Record the year-end adjusting entry for the amortization expense of the copyright. Note: Inter detits belore credits