Wiggens Industries acquired two copyrights during 2008. One copyright related to a textbook that was developed internally

Question:

Wiggens Industries acquired two copyrights during 2008. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3 years from September 1, 2008, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2008, for $19,200. This textbook has an indefinite useful life. How should Wiggens report these two copyrights on its balance sheet as of December 31, 2008?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...