Sheridan Inc. purchased a patent on January 1, 2023 for $580000. Sheridan did not record amortization...

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Sheridan Inc. purchased a patent on January 1, 2023 for $580000. Sheridan did not record amortization expense on the patent for 2023 and 2024. At the purchase date, the expected useful life of the patent was 10 years. Ignoring income tax considerations, what is the entry made on December 31, 2025? Retained Earnings Patent 174000 174000 Amortization Expense 58000 Retained Earnings 116000 Accumulated Depreciation 174000 Amortization Expense 58000 Retained Earnings 116000 Patent 174000 Amortization Expense 174000 Patent 174000 Sheridan Inc. purchased a patent on January 1, 2023 for $580000. Sheridan did not record amortization expense on the patent for 2023 and 2024. At the purchase date, the expected useful life of the patent was 10 years. Ignoring income tax considerations, what is the entry made on December 31, 2025? Retained Earnings Patent 174000 174000 Amortization Expense 58000 Retained Earnings 116000 Accumulated Depreciation 174000 Amortization Expense 58000 Retained Earnings 116000 Patent 174000 Amortization Expense 174000 Patent 174000