On March 1, 2020, Greenwater Inc. acquired a trade name from another business for $18,000. The trade name has an indefinite life. At December 31, 2020, the fair value of the trade name is $22,000.

On July 1, 2020, Greenwater Inc. purchased a copyright for $15,000. The copyright has a remaining legal life of 18 years. The copyright has an effective useful life of 9 years. Greenwater cannot provide evidence of clearly identifiable cash flows arising from the copyright following the end of this 9-year period. The fair value of the copyright at December 31, 2020 is $18,000.

Greenwater Inc. has a December 31 year end.

Required

1. Prepare any journal entry necessary for the amortization of the trade name for 2020, or indicate why no adjustment is required.
2. Prepare any journal entry necessary for the amortization of the copyright for 2020, or indicate why no adjustment is required.