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The foliowing information is avallable for Pharoah Compary, which uses the straight-line mothod of amortization and has a December Th yeareind 1. Purchased a coovright
The foliowing information is avallable for Pharoah Compary, which uses the straight-line mothod of amortization and has a December Th yeareind 1. Purchased a coovright on lanuary 1,2025 for $57,000. It is estimsted to have a 10-year life. Prepare the journal entries to record all the events felated to the copyright during 2025, fCredit occount titles are outomotlcally indented when the amount is entered. Do not indient manually. If no entry is required, select "No Entry" for the account tities and enter o for the amounts. Uist al debit entries before credit entries: Record entries in the order displayed in the probiem statement.) At December 31,2026, an impairment test is performed on the copyright purchased in 2025 , It is estimated that the net cash flows to be recelved from the copyright will be $57,000, and its fair value is $54,150, The accumulated amortization at the end of 2026 was $13,965. Compute the amount of impairment, if any, to be recorded on December 31,2026. Amount of impairment
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