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Grouper Company discovered an error in its accounting records in 2025. Grouper had purchased a...

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Accounting

Grouper Company discovered an error in its accounting records in 2025. Grouper had purchased a copyright for $46,800 on January
1,2022. The copyright has been amortized on a straight-line basis over its 20-year legal life. However, Grouper's accountant neglected
to obtain an estimate of the copyright's economic life, which was only fifteen years. Grouper Company used a calendar fiscal year and
was subject to a 20% tax rate and follows ASPE. Prepare the journal entries to correct the accounting error and to record copyright
amortization for 2025.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answers to O
decimal places, e.g.5,275.)]
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