On July 1, 2021, Jenks Company purchased the copyright to Jackson Computer tutorials for $324,000.It is estimated that the copyright will have a useful life of five years with an estimated salvage value of $24,000.The amount of Amortization Expense recognized for the year 2021 would be

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The amortization expense for the year 2021 is calculated by first determining the depreciable base, which is the cost minus the salvage value ($324,000 - $24,000 = $300,000). This amount is then divided by the useful life (5 years) to find the annual amortization expense ($300,000 / 5 = $60,000 per year). Since the copyright was purchased on July 1, only half of the year's expense is recognized in 2021, resulting in $60,000 / 2 = $30,000.

On July 1, 2021, Jenks Company Purchased the Copyright to Jackson