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Prepare the journal entry to record the impairment of the

Question - Presented below is Information related in copyrights owned by Oriole Company at December 31, 2017.

Cost - $8,630,000

Carrying amount - 4,370,000

Expected future net cash flows - 4,040,000

Fair value - 3,200,000

Assume that Oriole Company will continue to use this copyright In the future. As of December, 2017, the copyright is estimated to have a remaining useful life of 10 years.

(a) Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts.

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