On January 2, 2016, Alpha Company purchased a patent for $38,500 plus $2,000 in legal fees. On that date, the patent had a remaining legal life of 13 years. Alpha Company expects to use the patent for six years. Use this information to prepare the General Journal entry (without explanation) for December 31, 2016 end of the year adjusting entry. If no entry is required then write "No Entry Required."

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Amortization Cost of Patent Per Year can be calculated as Purchase Cost ... View the full answer