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On October 12, 2023, Simarov, Inc. purchases a Copyright to a song, written by a...

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Accounting

On October 12, 2023, Simarov, Inc. purchases a Copyright to a song, written by a person who died on October 12, 1963 for $50,000 cash. Simarov believes they will be able to generate revenue from the Copyright for the remaining useful life. Prepare the journal entry to record the purchase. DR: CR: What is the remaining useful life of the Copyright? years How much amortization expense will Simarov record each year? Prepare the adjusting journal entry to record one year's amortization. DR: CR: What is the Net Book Value of the Copyright on October 1, 2027?

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