2024 – AE12 14 Copyright Impairment Presented below is information related to copyrights owned by Botticelli Company at December

Botticelli Company – 2024

AE12-14

(Copyright Impairment)

Presented below is information related to copyrights owned by Botticelli Company at December 31, 2010.

 

Cost   

 $8,674,290

 

Carrying amount   

4,288,220

 

Expected future net cash flows   

3,989,170

 

Fair value   

3,577,940


Assume that Botticelli Company will continue to use this copyright in the future. As of December 31, 2010, the copyright is estimated to have a remaining useful life of 10 years.

(a)

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2010. The company does not use accumulated amortization accounts.  (If no entry is required enter No Entry for the account and 0 for the amount.)

 

Account/Description

Debit

Credit

 

 

 

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