Business, 25.07.2020 22:01 maddietomlinson113

Gingrich Company purchased a copyright from another company early in 2016 for $45,000. Gingrich had not amortized the copyright because its value had not diminished. The copyright has a useful life at purchase of 20 years. In 2018, the company wrote off $87,000 of inventory considered to be obsolete; this loss was charged directly to Retained
Earnings.
Instructions
Prepare the journal entries necessary in 2018 to correct the books, assuming that the books have not been closed. Disregard effects of corrections on income tax.

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Gingrich Company purchased a copyright from another company early in 2016 for $45,000. Gingrich had...