Question 17 of 20 0.44 / 1 View Policies Show Attempt History Current Attempt in Progress Presented below is information related to copyrights owned by Wildhorse Company at December 31, 2020. Cost $8,500,000 Carrying amount 4,460,000 Expected future net cash flows 3,990,000 Fair value 3,240,000 Assume that Wildhorse 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. (b) Your answer is partially corect. 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 1220000 1220000 Recovery of Loss from Impairment