Answer Happy

Q4-(8 Marks: b1:8): Presented below is information related to a copyright owned by Aladdin corporation at December 31, 2021. Cost Carrying amount Recoverable amount BD5,300,000 3,200,000 2,500,000 Assume that Aladdin corporation will continue to use this copyright in the future. As of December 31, 2021, the copyright is estimated to have a remaining useful life of 5 years. Required: Based on the above data use your advance skills to; a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2021. The company does not use accumulated amortization accounts. (3 Marks) b. Prepare the journal entry to record amortization expense for 2022 related to the copyright. (3 Marks) c. The fair value of the copyright at December 31, 2022, is BD2,600,000. Prepare the journal entry (if (2 Marks) any) necessary to record the increase in fair value.