Milano Gallery purchases the copyright on a painting for $390,000 on January 1. The copyright is good for 12 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.

Milano Gallery purchases the copyright on a painting for $390.000 on January 1 . The copytaht is gaod for 12 moie yeass, afier which the copytight will expire and anyone can make prits. The company plans to sell peints for t9 years. Prepare entries to record the purchase of the coppright on Janwary 1 and its annuat emortization on December 31. Journal entry worksheet 2 Record the purchase of the copyright on a painting for 1390,000 cash. Wotei fnter defots before ctedits