Ship Publishing signed a contract with an artist to publish his artwork into large format posters to resell. The contract was signed on January 1, 2019 , and a payment of $16,000 was made to obtain copyright privileges. Ship sold 15,000 posters each year starting in 2019 at a price of $15.5. The copyright is expected to be useful for 5 years. Required: Prepare the journal entries for 2019 and 2020