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The records of Muharaq Company show the below information related to copyrights on December 31,...

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Accounting

The records of Muharaq Company show the below information related to copyrights on December 31, 2020. BV 5,000,000 Carrying amount 3,100,000 Expected future net cash flows 6,000,000 Fair value 2,900,000 The copyright has a remaining useful life of 5 years. Instruction: 1- Prepare the journal entry (if any) to record the impairment of the asset on December 31, 2020. (2.5 Points) 2- Prepare the journal entry to record amortization expense for 2020 related to the copyrights. (2.5 Points)

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