Skysong Golf Inc. was formed on July 1, 2019, when Matt Maglike purchased the Old Master Golf Company Old Master provides video golf instruction at kiosks in shopping malls. Magilke plans to integrate the instructional business into his golf equipment and accessory stores. Magilke paid $830,000 cash for Old Master. At the time, Old Master's balance sheet reported assets of $670,000 and liabilities of $180,000 (thus owners'equity was $490,000). The fair value of Old Master's assets is estimated to be $820,000. Included in the assets is the Old Master trade name with a fair value of $11,000 and a copyright on some instructional books with a fair value of $19,200. The trade name has a remaining life of years and can be renewed at nominal cost indefinitely. The copyright has a remaining life of 40 years Prepare the intangible assets section of Skysong Golf Inc. at December 31, 2019. SKYSONG GOLF INC. Intangibles Section of Balance Sheet December 31, 2019 1 Goodwill Trade Names Copyrights Total Assets How much amortization expense is included in Skysong income for the year ended December 31, 2019? Amortization expense $ Account Titles and Explanation Debit Credit Amortization Expanse Copyrights SKYSONG GOLF INC. Intangibles Section of Balance Sheet December 31, 2020 Trade Names Copyrights Total intangible Assets LULUU 202L valing the results of the instructional business. Due to fierce competition from online and television e unit has been losing money. Its book value is now $470.000. The fair value of the Old Master reporting unit is $390,000. Magile has collected the following information related to the company's intangible assets. Intangible Asset Expected Cash Flows fundiscounted) Fair Values Trade names $6,900 $2,300 Copyrights 23.000 18.000 Prepare the journal entries required, if any, to record impairments on Skysong intangible assets. Assume that any amortization for 2021 has been recorded.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Louson moment Goodwill