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Additional Problem 4 Bridgeport Enterprises is a large Canadian company traded on the Toronto Stock...

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Additional Problem 4 Bridgeport Enterprises is a large Canadian company traded on the Toronto Stock Exchange. Bridgeport purchased two copyrights during 2017. The first copyright was purchased on February 1 for $17,150, and was expected to have a useful life until the end of December, 2019. The second copyright was purchased on July 1 for $88,200, and was expected to have an indefinite useful life. Bridgeport's fiscal year-end was December 31. On July 1, 2018, Bridgeport paid $8,820 in legal fees to successfully defend the first copyright in court. On September 1, 2018, Bridgeport determined that the second copyright would no longer have an indefinite useful life, and in fact would have a useful life of another 7 years, beginning September 1, 2018. On April 1, 2019, Bridgeport sold the second copyright for $99,050. Prepare the journal entries on the books of Bridgeport to record the above transactions. (Hint: don't forget the year-end amortization entries). (If no entry is required, select No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Debit Apr. 1, 201 Apr. 1, 2019

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