On January 2, 2020, Raconteur Corp.reported the following intangible assets: (1) copyright with a carrying value of $15,000, and (2) a trade name with a carrying value of $8,500. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 10 years. At December 21, 2020, Raconteur assessed the intangible assets for possible impairment and developed the following information Estimated Fair Value Estimated Undiscounted Expected Future Cash Flows $20,000 $10,000 Copyright Trade name $16,000 $5,000 1. Prepare any journal entries (amortization and/or impairment) required for Raconteur's intangible assets at December 31, 2020. 2. Many stock analysts indicate a preference for less-volatile operating income measures. Such measures make it easier to predict future income and cash flows, using reported income measures. How does the accounting for impairments of intangible assets affect the volatility of operating income? 3. Many accounting issues involve a trade-off between the primary characteristics of relevant and representationally faithful information. How does the accounting for intangible asset impairments reflect this tradeoff? You may want to refer back to the conceptual framework on page 2-7 of the Kieso textbook. On January 2, 2020, Raconteur Corp.reported the following intangible assets: (1) copyright with a carrying value of $15,000, and (2) a trade name with a carrying value of $8,500. The trade name has a remaining life of 5 years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 10 years. At December 21, 2020, Raconteur assessed the intangible assets for possible impairment and developed the following information Estimated Fair Value Estimated Undiscounted Expected Future Cash Flows $20,000 $10,000 Copyright Trade name $16,000 $5,000 1. Prepare any journal entries (amortization and/or impairment) required for Raconteur's intangible assets at December 31, 2020. 2. Many stock analysts indicate a preference for less-volatile operating income measures. Such measures make it easier to predict future income and cash flows, using reported income measures. How does the accounting for impairments of intangible assets affect the volatility of operating income? 3. Many accounting issues involve a trade-off between the primary characteristics of relevant and representationally faithful information. How does the accounting for intangible asset impairments reflect this tradeoff? You may want to refer back to the conceptual framework on page 2-7 of the Kieso textbook