On April 1, Keystone Applications paid $ 500,000 to acquire a patent on software. Keystone Application expects

Question:

On April 1, Keystone Applications paid $ 500,000 to acquire a patent on software. Keystone Application expects the patent to have a useful life of five years. Journalize the entry to record the purchase of the patent on April 1. Journalize the entry to record amortization on December 31.