Answer:
December 31:
Dr Amortization Expenses - Copyright 31,800
Cr Accumulated Amortization - Copyright 31,800
(to record full-year Amortization expenses for copyright)
Dr Amortization Expenses - Patent 13,900
Cr Accumulated Amortization - Patent 13,900
( to record 10-month Amortization expenses for Patent)
No entries required for goodwill amortization.
Explanation:
As goodwill amortization has indefinite useful life, no entries required for goodwill amortization.
For Copyright and Patent Amortization, we depreciated them based on its useful life and the amount depreciated in 2017 will depend on the month of books of each item in the year. Calculation as below:
Amortization Expenses - Copyright = 190,800/ 6 = $31,800;
Amortization Expenses - Patent = (83,400 / 5) x (10/12) = $13,900 ( as it only on book for 10 months of 2017 starting from Mar 1).
