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Ship Publishing signed a contract with an artist to publish his artwork into large format posters to resell. The contract was signed on January 1, 2014, and a payment of $15,000 was made to obtain copyright privileges. Ship sold 15,000 posters each year starting in 2014 at a price of $15. The copyright is expected to be useful for 3 years.
Required:
Prepare the journal entries for 2014 and 2015.
Individual Charge
A specific amount of money billed to a person for a product or service.
Immediate Medical Help
Urgent assistance provided by healthcare professionals in response to a person's acute healthcare needs.
Trouble Breathing
A symptom characterized by difficulty in breathing or experiencing shortness of breath, potentially indicative of various medical conditions.
Flu
An infectious respiratory illness caused by influenza viruses that can cause mild to severe symptoms and complications.
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