Question 15 Presented below is information related to copyrights owned by Kelley Corporation at December 31, 2020. Carrying amount 8,000,000 Expected future net cash flows 6,100,000 Fair value 4,900,000 Assume Kelley will continue to use this asset in the future. As of December 31, 2020, the copyrights have a remaining useful life of 8 years. Instructions (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020, (b) Prepare the journal entry to record amortization expense for 2021 (c) The fair value of the copyright at December 31, 2021 is $5,400,000. Prepare the journal entry, under GAAP, necessary to record this increase in fair value. *NOTE: This is a manual problem. Please complete your work in Word, Excel, or on paper (and take a picture of your work with your cell phone) and e-mail your answers. This problem will be manually graded after the exam is submitted