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Milano gallery purchases the copyright on an oil painting for $418,000 on January 1, 2015. The copy right legally protects its owner for 10 years.

Milano gallery purchases the copyright on an oil painting for $418,000 on January 1, 2015. The copy right legally protects its owner for 10 years. The company plans to market and sell prints of the original for 11 years. Prepare entries to record the purchase of the copy right on January 1,2015 and it annual amortization on December 31,2015

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