Answer:
Dr Amortization expense $24,550
Cr Copyright asset $24,550
Dr Amortization $10,650
Cr Patent asset $10,650
Step-by-step explanation:
It is noteworthy that an intangible such as patents,copyrights ,goodwill and so on whose useful life is infinite is not amortized,hence the goodwill would not be amortized as a result there is adjusting entries in respect of goodwill.
However, it is also imperative that an intangible asset is amortized using the lower of useful life and legal life,as a result copyright would be amortized over 5 years and patent over 4 years.
Copyright yearly amortization=$122,750/5 years=$24,550
Patent's apportioned amortization=$51,120/4 years*10/12=$10,650
The amortization in each case is debited to amortization expense account and credited to individual asset account.