Chapter 16 Accounting for Plant Assets and Depreciation
Prepare the journal entry to record 2018 amortization on the Patent. $170,000 = $21,250 * 4 yrs = $85,000. 8 yrs ($170,000 - $85,000 + $65,000) = $12,500 Amortization Exp.for 2010 and each yr beyond . 12 yrs. Amortization Expense $12,500. Accumulated Amortization $12,500 ................
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