On March $1,2020,$ Tebow Company purchased a patent for $$181,000$ cash.

Although the patent gives legal protection for $21$ years, the patent will be used for only $6$ years.

Assume straight$-$line amortization.

Amortization per unit

$($Cost $-$ Res. Value$)//$Time $=$ Amortization per year

$(-)//=$

Amortization per year X portion of year $=$ Amortization

X $=$

Journalize a$)$ the purchase of the patent, and b$)$ the amortization expense of the patent as of December $31,2020.$

JournalDateDescriptionDebitCredita$$A$/$PA$/$RAmortization Expense$-$PatentCashLegal Fees ExpensePatenta$$A$/$PA$/$RAmortization Expense$-$PatentCashLegal Fees ExpensePatent$$b$$A$/$PA$/$RAmortization Expense$-$PatentCashLegal Fees ExpensePatentb$$A$/$PA$/$RAmortization Expense$-$PatentCashLegal Fees ExpensePatent

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