Chapter $9$

lestion $5$ of $5$

$-11,i-=$

Sheridan Corporation purchased a patent for $$190,780$ cash on April $2,2024.$ Its legal life is $21-$years and its estimated useful life is $5$ years. The company's year end is December $31,$ and it prepares adjusting entries annually.

$($a$)$

Prepare the journal entry to record the $(1)$ purchase of the patent on April $2,2024,$ and $(2)$ amortization for the first year ended December $31,2024.($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts.$)$

No$.$ Date Account Titles and Explanation

Debit

Credit

$(1)$

Apr.

Patents

cash

$($D$)$ Dec.

Amortization Fxnense