Question 6 of 8 0.67/1 = View Policies Show Attempt History Current Attempt in Progress Presented below is information related to copyrights owned by Blossom Company at December 31, 2020. Cost $8,500,000 Carrying amount 4,200,000 Expected future net cash flows 3.900,000 Fair value 3,200,000 Assume that Blossom 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. (c) The fair value of the copyright at December 31, 2021, is $3,400,000. Prepare the journal entry necessary to record the increase in fair value. (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 e Textbook and Media List of Accounts