At the End of 2016, Mirror Productions Determined That One

Multiple Choice

At the end of 2016, Mirror Productions determined that one of its copyrights was worthless.The copyright had a cost of $320,000.The copyright had been amortized for 8 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A) The copyright no longer represents a future benefit to the company.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.