Mount Olympus purchased a patent from Bakhshi Co for 19 million on January 1 2012 The patent expires on January 1 2022 and Mount Olympus is amortizing it over the 10 years remaining in its legal life During 2014 Mount Olympus determined that the patents economic benefits would not last longer than six years from the date of acquisition What amount should be reported in the statement of financial position for the patent net of accumulated amortization at December 31 2014

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Question No 1 Prepare the Journal entry to amortize the patent at year end on December 31 2022 Answe... View the full answer