Milano Gallery purchases the copyright on an oil painting for $418.000 on January 1, 2018 The copyright legally protects its owner for 10 more years. The company plans to market and sell prints of the original for 11 years. Prepare entries to record the purchase of the copyright on January 1, 2018, and its annual amortization on December 31, 2018 No Date General Journal Debit Credit 1 Jan 01 Copyright Cash 418,000 SIS 418,000 2 Dec 31 38,000 $ Amortization expense-Copyright Accumulated amortization-Copyright SIS 38,000 $