Milano Gallery purchases the copyright on a painting for $$450,000$ 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 $31.$

Journal entry worksheet

Record the purchase of the copyright on a painting for $$450,000$ cash.

Note: Enter debits before credits. Record the purchase of the copyright on a painting for $$450,000$ cash. Record the year$-$end adjusting entry for the amortization expense of the copyright.