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Hepburn Company bought a copyright for $120,000 on January 1, 2018, at which time the copyright had an estimated useful life of 15 years. On January 5, 2021, the company determined that the copyright would

Hepburn Company bought a copyright for $120,000 on January 1, 2018, at which time the copyright had an estimated useful life of 15 years. On January 5, 2021, the company determined that the copyright would

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Hepburn Company bought a copyright for $120,000 on January 1, 2018, at which time the copyright had an estimated useful life of 15 years. On January 5, 2021, the company determined that the copyright would expire at the end of 2026. How much should Hepburn record as amortization expense for this copyright for 2021? (Round your answer to the nearest dollar amount.)
Transcribed Image Text:Hepburn Company bought a copyright for $120,000 on January 1, 2018, at which time the copyright had an estimated useful life of 15 years. On January 5, 2021, the company determined that the copyright would expire at the end of 2026. How much should Hepburn record as amortization expense for this copyright for 2021? (Round your answer to the nearest dollar amount.)
O O O O $1,600. $8,000. $16,000. $533.
Transcribed Image Text:O O O O $1,600. $8,000. $16,000. $533.
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