Read the article ″Explained: Why Taylor Swift is re-recording her studio albums, and what it says about copyright battles with mega music labels″ by Rhea Rao from November 16, 2021 posted with the assignment. Use the information from the article, the ASC, and any other reliable sources to answer the questions below. Set up one T-account for Shamrock Holdings′ Taylor Swift copyright (assuming they allocated $300 million to the asset). a. Assume that Taylor′s life expectancy is 50 years from today. What adjusting journal entry would Shamrock record at the end of the first year of owning the copyright? b. Update the T-account to reflect the journal entry.
