Answer and Explanation:
The journal entries are shown below:
a) Journal entry for impairment of copyright :
On Dec 31, 2020
Loss on impairment A/c Dr. $110,000 ($4,430,000-$3,330,000)
To copyright $110,000
(being the loss on impairment is recorded)
b) Journal entry for amortization of copyright :
On Year 2021
Amortization expense A/c Dr. $333,000 ($3,330,000 ÷ 10 year)
To copyright A/c $333,000
(Being the amortization expense is recorded)
c) No journal entry will be required to record increase in copy right fair value