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Presented below is information related to copyrights owned by Yaeger Corporation at December 31, 2018....

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Accounting

  1. Presented below is information related to copyrights owned by Yaeger Corporation at December 31, 2018.

    Cost $3,600,000

    Carrying amount 3,200,000

    Expected future net cash flows (undiscounted) 2,800,000

    Fair value 1,900,000

    Assume Yaeger will continue to use this asset in the future. As of December 31, 2018, the copyrights have a remaining useful life of 5 years with zero salvage value. The company does not use accumulated amortization accounts.

    (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2018.

    (b) Prepare the journal entry to record amortization expense for 2019.

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