Problem 4 - Intangible Assets (12 Points) The following information is available for Nexgen Belize. 1. Purchased a copyright on January 1,2021 for $60,000. It is estimated to have a 10 -year life. 2. On July 1,2021, legal fees for successful defense of the copyright purchased on January 1 , 2021 , were $17,100. Instructions (a) Prepare the journal entries to record all the events related to the copyright during 2021. (8 Points) (b) At December 31, 2022, an impairment test is performed on the copyright purchased in 2020. It is estimated that the net cash flows to be received from the copyright will be $60,000, and its fair value is $57,000. The accumulated amortization at the end of 2022 was $14,700. Compute the amount of impairment, if any, to be recorded on December 31, 2022. (4 Points)