Question 28 The following information is available for Crane Company 1. Purchased a copyright on January 1, 2020 for $54,600. It is estimated to have a 10-year life 2. On July 1, 2020, legal fees for successful defense of the copyright purchased on January 1, 2020, were $15,561 Prepare the journal entries to record all the events related to the copyright during 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit v SIW LIST OF ACCOUNTS At December 31, 2021, 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 $54,600, and its fair value is 551,070. The accumulated amortization at the end of 2021 was $13,377. Compute the amount of impairment, if any, to be recorded on December 31, 2021. (If there is a loss on impairment the enter amountain Chip 0 List Of Accounts Question 28 Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment Loss on Patent write-off No Entry Notes Payable Organization Expense Pald-in Capital in Excess of Par - Common Stock Patents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense Rent Receivable Rent Revenue Research and Development Expense Retained Earnings Trade Names Trademarks