Presented below is information related to copyrights owned by Crane Company at December 31, 2020. Cost $8,590,000
Carrying amount 4,450,000
Expected future net cash flows 4,150,000
Fair value 3,380,000
Assume that Crane Company will continue to use this copyright in the future. As of December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years.

Required:
a. Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts.
b. Prepare the journal entry to record amortization expense for 2018 related to the copyrights.
c. The fair value of the copyright at December 31, 2018, is $3,490,000. Prepare the journal entry necessary to record the increase in fair value.

10. problems and applications q10 a market is described by the following supply-and-demand curves: qsqs = = 2p2p qdqd = = 300â’p300â’p the equilibrium price is $ and the equilibrium quantity is . suppose the government imposes a price ceiling of $90. this price ceiling is , and the market price will be $ . the quantity supplied will be , and the quantity demanded will be . therefore, a price ceiling of $90 will result in . suppose the government imposes a price floor of $90. this price floor is , and the market price will be $ . the quantity supplied will be and the quantity demanded will be . therefore, a price floor of $90 will result in . instead of a price control, the government levies a tax on producers of $30. as a result, the new supply curve is: qsqs = = 2(pâ’30)2pâ’30 with this tax, the market price will be $ , the quantity supplied will be , and the quantity demanded will be . the passage of such tax will result in .