Presented below is information related to copyrights owned by Cullumber Company at December 31, 2020. Cost Carrying amount Expected future net cash flows Fair value $8,590,000 4,430,000 4,190,000 3.330,000 Assume that Cullumber Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. Your answer is correct. Prepare the journal entry to record the impairment of the asset at December 31, 2020. The company does not use accumulated amortization accounts. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Loss on Impairment 1100000 Copyrights 1100000 Your answer is correct Prepare the journal entry to record amortization expense for 2021 related to the copyrights. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Amortization Expense 333000 333000 Copyrights The fair value of the copyright at December 31, 2021, is $3,410,000. Prepare the journal entry necessary to record the increase in fair value. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit