Question
Windsor Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of $16,000. It is estimated
Windsor Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of $16,000. It is estimated that this textbook will have a useful life of 5 years from September 1, 2017, the date of its publication. The second copyright (a history research textbook) was purchased from University Press on December 1, 2017 for $48,000. This textbook has an indefinite shelf life.
How should these two copyrights be reported on Windsor's balance sheet as of December 31, 2017?
Copyright #1: $
Copyright #2: $
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
