Based on the cost of the copyright and the period of amortization, the amortization in 2022 will be $40,000
First find the annual amortization expense:
= (Cost of copyright - Salvage value) / Useful life
= (424,000 - 24,000) / 5
= $80,000
The amortization for 2022 will however be for 6 months as the copyright was purchased on July 1.
= 80,000 x 6/12 months
= $40,000
In conclusion, the amortization expense will be $40,000
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