Question

On October 1, 2013, Soggy Company purchased a patent for $ 80,000 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 2013. Assume straight- line amortization.



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  • CreatedJanuary 16, 2015
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