View Policies Show Attempt History Current Attempt in Progress Presented below is information related to copyrights owned by Blossom Corporation at December 31, 2020. Cost Carrying amount Expected future net cash flows Fair value $5,400,000 4,680,000 4,230,000 2,880,000 Assume Blossom will continue to use this asset in the future. As of December 31, 2020, the copyrights have a remaining useful life of 5 years. (a) Your Answer Correct Answer (Used) Prepare the journal entry Gif any) to record the impairment of the asset at December 31. 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account tities and enter for the amounts:) Debit Credit Date Account Titles and Explanation Dec 31, Los on Impairment 2020 1.800.000 Copridits 1.800.000 LUIS 1,800,000 (b) Prepare the journal entry to record amortization expense for 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above. 7