Smith Company acquired patent rights on January 6, 2013, for $882,000. The patent has a useful life
Question:
a. Determine the patent amortization expense for the year ended December 31, 2016.
b. Journalize the adjusting entry to recognize the amortization.
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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