Problem 9-19A Intangible assets LO7

On October 1, 2020, Kingsway Broadcasting purchased for $400,000 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.