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Teal Mountain Industries acquired two copyrights during 2020. One copyright related to a textbook that was developed internally at a cost of $20,000. This textbook is estimated to have a useful life of 5 years from September 1, 2020, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2020, for $25,000. This textbook has an indefinite useful life. How should these two copyrights be reported on Teal Mountain's balance sheet as of December 31, 2020? (Do not leave any answer field blank. Enter for amount.) Copyright No. 1 $ $ Should not be reported on Balance Sheet Copyright No. 2 $ 25000 Should be reported on Balance Sheet