December 31, 2022. Cost $8,600,000 Carrying amount 4,300,000 Recoverable amount 3,400,000 Assume that Botticelli Company will continue to use this copyright in the future. As of December 31, 2022, the copyright is estimated to have a remaining useful life of 10 years. Instructions a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2022. The company does not use accumulated amortization accounts. b. Prepare the journal entry to record amortization expense for 2023 related to the copyright. c. The fair value of the copyright at December 31, 2023, is $3,500,000. Prepare the journal entry (if any) necessary to record the increase in fair value.

E Print Item Impaired Goodwill and Amortization of Patent On April 1, a patent with an estimated useful economic life of 12 years was acquired for $115,200. In addition, on December 31, it was estimated that goodwill of $56,500 was impaired. a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 b. Journalize the adjusting entry on December 31 for the amortization of the patent rights. Do not round intermediate calculations. If an amount box does not require an entry, leave it blank, Dec, 31 c. Journalize the adjusting entry on December 31 for the impaired goodwill. If an amount box does not require an entry, leave it blank. Dec. 31

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