Amortization – Get an Orginal Paper (homeworkcorp.com/order)

Indicate how the items below are to be reported as assets in the SFP/BS as at December 31, 2015:

a. January 1, copyright obtained for a book developed internally for $25,000, which is estimated to have a useful life of five years. Assume the straight-line method for amortization and that all costs were incurred on January 1

b. January 1, copyright obtained for a book purchased from Athabasca University for $35,000 cash with an indefinite useful life.

c. On January 1, 2015, an Internet domain name with an indefinite life was purchased in exchange for a three-year, note. The market rate at that time was 8%. The note is repayable in three annual principal and interest payments of $14,500 each December 31.

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