GenX Music purchased a music distributor's collection of songs for $1,423,000. The copyrights are expected to last another 34 years. Prepare the journal entry to record the amortization expense for the first year.
$$\begin{array} { | l | r | r | }
\hline \text { Amortization Expersse, Copyrights } & 41,853 & \
\hline \text { Accumulated Amortization, } & & 41,853 \
\text { Copyrights } & & \
\hline
\end{array}$$

Question

GenX Music purchased a music distributor's collection of songs for $1,423,000. The copyrights are expected to last another 34 years. Prepare the journal entry to record the amortization expense for the first year.
 $$\begin{array} { | l | r | r | } 
\hline \text { Amortization Expersse, Copyrights } & 41,853 & \
\hline \text { Accumulated Amortization, } & & 41,853 \
 \text { Copyrights } & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of GenX Music purchased a music distributor's collection of songs for $1,423,000. The copyrights are expected to last another 34 years. Prepare the journal entry to record the amortization expense for the first year.
 $$\begin{array} { | l | r | r | } 
\hline \text { Amortization Expersse, Copyrights } & 41,853 & \
\hline \text { Accumulated Amortization, } & & 41,853 \
 \text { Copyrights } & & \
\hline
\end{array}$$

GenX Music Purchased a Music Distributor's Collection of Songs for $1,423,000