Question

These are selected 2022 transactions for Ayayai Corporation:

Jan. 1		Purchased a copyright for $81,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years.
Mar. 1		Purchased a patent with an estimated useful life of 4 years and a legal life of 20 years for $24,000.
Sept. 1		Purchased a small company and recorded goodwill of $111,000. Its useful life is indefinite

Dec. 31	Enter an account title to record amortization of Copyrights on December 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record amortization of Copyrights on December 31	Enter a debit amount	Enter a credit amount
	(To record amortization of Copyrights)
Dec. 31	Enter an account title to record amortization of Patents on December 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record amortization of Patents on December 31	Enter a debit amount	Enter a credit amount
	(To record amortization of Patents)
Dec. 31	Enter an account title to record amortization of Goodwill on December 31	Enter a debit amount	Enter a credit amount
	Enter an account title to record amortization of Goodwill on December 31	Enter a debit amount	Enter a credit amount
	(To record amortization of Goodwill)

Answer 1

Date	Accounts Title and Explanation	Debit	Credit
Dec. 31	Amortization Expense              ($ 81,000 / 6 years)	$ 13,500
	Copyrights		$ 13,500
	(To record the Amortization of Copyrights)
Dec. 31	Amortization expense          ($ 24,000 / 4 years ) x 10 / 12	$ 5,000
	Patents		$ 5,000
	(To record the Amortization of patents)
Dec. 31	No Entry	-	-
	(No entry for Amortization of Goodwill )