Problem $9-19$A Intangible assets LO$7$

On October $1,2023,$ Kingsway Broadcasting purchased for $$415,000$ the copyright to publish the music composed by a local Celtic group. Kingsway expects the music to be sold over the next five 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 $31,2023,$ calculated to the nearest whole month.