Question

On March 1, 2016, Twist Company purchased a patent for $168,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only five years.
Requirements
1. Journalize the purchase of the patent.
2. Journalize the amortization expense for the year ended December 31, 2016.
Assume straight-line amortization.


$1.99
Sales1
Views119
Comments0
  • CreatedJune 15, 2015
  • Files Included
Post your question
5000