Question: MicroSystems Inc. acquired a patent for $180,000. MicroSystems amortizes the patent on a straight-line basis over its remaining economic life of 12 years. Required: Prepare

MicroSystems Inc. acquired a patent for $180,000. MicroSystems amortizes the patent on a straight-line basis over its remaining economic life of 12 years.

Required:
Prepare the journal entry to record the amortization expense related to the patent.

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