Homework Answers
Answer
| Date | Accounts title | Debit | Credit |
| Jan-01 | Copyright | $418,000 | |
| Cash | $418,000 | ||
| (to record purchase) | |||
| 31-Dec | Amortisation expense - Copyright | $41,800 | |
| Accumulated Amortisation - Copyright | $41,800 | ||
| (to record amortisation adjustmernt) |
--Amortisation expense annual amount = $ 418000 / 10 years life.
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