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Martinez Industries Ltd. acquired two copyrights during 2020. One copyright was on a textbook that was developed internally at a cost of $34,500. This textbook is estimated to have a useful life of 3 years from July 1, 2020, the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2020, for $52,600. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Martinez's statement of financial pasition as at December 31, 2020? Copyright No. 1 should be It would be reflected on the December 31,2020 at $ Copyright No. 2 should be It would be reflected on the December 31,2020 Martinez Industries Ltd, acquired two copyrights during 2020. One copyright was on a textbook that was developed internally at a cost of $34,500. This textbook is estimated to have a useful life of 3 years from July 1,2020 , the date it was published. The second copyright is for a history research textbook and was purchased from University Press on October 1, 2020, for $52,600. This textbook seems to have an indefinite useful life. How should these two copyrights be reported on Martinez's statement of financial position as at December 31,2020 ? It would be reflected on the December 31,2020 at \$ It would be reflected on the December 31,2020

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