On October 1, 2020, Kingsway Broadcasting purchased for $310,000 the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next four years. The company uses the straight-line method to amortize intangibles.

Required:

Prepare entries to record:

a.The purchase of the copyright.

b.The amortization for the year ended December 31, 2020, calculated to the nearest whole month.