Acc225 Fundamental of Accounting Principles: E10-19 Galvano Gallery purchases the copyright

Acc225 Fundamental of Accounting Principles
E10-19
Galvano Gallery purchases the copyright on an oil painting for $332,500 on January 1, 2009. The copyright legally protects its owner for 19 more years. However, the company plans to market and sell prints of the original for only 13 years.

Prepare entries to record the purchase of the copyright on January 1, 2009, and its annual amortization on December 31, 2009. (Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
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