Account titles and explanation debit credit

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Reference no: EM13866190

Presented below is information related to copyrights owned by Walter de la Mare Company at December 31, 2014. Cost $8,698,700 Carrying amount 4,385,000 Expected future net cash flows 4,049,700 Fair value 3,416,100 Assume that Walter de la Mare Company will continue to use this copyright in the future. As of December 31, 2014, the copyright is estimated to have a remaining useful life of 10 years. Collapse question part (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014. The company does not use accumulated amortization accounts. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Reference no: EM13866190

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