Windsor Industries acquired two copyrights during 2017. One copyright related to a textbook that was...
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Accounting
Windsor Industries acquired two copyrights during 2017. One copyright related to a textbook that was developed internally at a cost of $16,000. This textbook is estimated to have a useful life of 5 years from September 1, 2017, the date it was published. The second copyright (a history research textbook) was purchased from University Press on December 1, 2017, for $48,000. This textbook has an indefinite useful life.
How should these two copyrights be reported on Windsors balance sheet as of December 31, 2017?
Copyright #1: $
Copyright #2: $
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