Question: Correct Intangible Asset Account As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements

Correct Intangible Asset Account As the recently appointed auditor for Hillary Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2010, are prepared. The controller for Hillary Corporation mentions that only one account is kept for Intangible Assets. Prepare the entry or entries necessary to correct this account. Assume that the patent has a useful life of 12 years.

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