Presented below is information related to copyrights owned by XYZ Corporation

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Question description

Presented below is information related to copyrights owned by XYZ Corporation at December 31, 2014.  Cost  $4,500,000  Carrying amount  3,900,000  Expected future net cash flows  3,500,000  Fair value  2,400,000Management expects that the company will continue to use this asset in the future. As of December 31, 2014, the copyrights have a remaining useful life of 5 years.In T-account format:(a)  Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014.(b)  Prepare the journal entry to record amortization expense for 2015.(c)  The fair value of the copyright at December 31, 2015 is $2,500,000. Prepare the journal entry (if any) necessary to record this increase in fair value.

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