Business, 23.03.2020 21:07, ingridx0

At the end of 2016, Mirror Productions determined that one of its copyrights was worthless. The copyright had a cost of

$320,000. The copyright had been amortized for 8 years of its estimated 25-year legal life.

1. Which of the following statements is the justification for removing the remaining cost of the copyright from the accounting records?

a. The copyright no longer represents a future benefit to the company.
b. The federal government does not allow copyrights to be recorded as assets once they are deemed worthless.
c. The cost of the copyright represents an obligation to return capital contributions to the stockholders.
d. The cost of the copyright has usefulness that will impact the net income of future accounting periods.

2. The entry required to recognize the bad debts expense for 2016 will act to:

a. Increase total assets and retained earnings
b. Decrease total assets and retained earnings
c. Decrease total assets and increase net income
d. Increase total assets and decrease net income

Answers: 2

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At the end of 2016, Mirror Productions determined that one of its copyrights was worthless. The copy...