At the End of 2017,Mirror Productions Determined That One of Its

question 39

Multiple Choice

At the end of 2017,Mirror Productions determined that one of its copyrights was worthless.The copyright had a cost of $320,000.The copyright had been amortized for eight years of its estimated 25-year legal life.Which of the following statements is the justification for removing the remaining cost of the copyright from the accounting records?

• A)The copyright no longer represents a future benefit to the company.
• B)The federal government does not allow copyrights to be recorded as assets once they are deemed worthless.
• C)The cost of the copyright represents an obligation to return capital contributions to the stockholders.
• D)The cost of the copyright has usefulness that will impact the net income of future accounting periods.

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Definitions:

Esprit De Corps

A feeling of pride, fellowship, and common loyalty shared by members of a particular group or team.

Cohesive Groups

Groups that show a high level of camaraderie and unity, with members often working effectively together towards common goals.

Normative Pressure

A social influence resulting from the desire or pressure to conform to the expectations of others.

Mental Concentration

The cognitive process of focusing one's attention on a specific task, object, or thought, while ignoring distractions, to improve efficiency or performance in activities.