Question: the entry to record one year's amortization for the year ending December 31, 2020 is: I need step by step explanation plus answer thanks Bleach

the entry to record one year's amortization for the year ending

the entry to record one year's amortization for the year ending December 31, 2020 is:

I need step by step explanation plus answer thanks

Bleach Manufacturing purchase a patent from Blond Inc. for $30,000 on January 1, 2020. The patent has 6 years remaining on its term and is expected to bring in revenues to the company for the whole six years. The entry to record one year's amortization for the year ending December 31, 2020 is: Select one: a. Debit Accumulated Amortization - Patents $5,000 Credit Amortization Expense - Patents $5,000. b. Debit Accumulated Amortization - Patents $30,000, Credit Amortization Expense - Patents $30,000. c. Debit Amortization Expense Patents $30,000, Credit Accumulated Amortization - Patents $30,000, d. Debit Amortization Expense Patents $5,000, Credit Accumulated Amortization - Patents $5,000. Next page

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Effective financial statement analysis requires an understanding of a firms economic characteristics. The relations between various financial statement items provide evidence of many of these...

CHART OF ACCOUNTS Cash Accounts Receivable Prepaid Insurance Land Equipment Accumulated Depreciation Vacation Pay Payable Interest Payable Notes Payable Common Dividends Payable Preferred Dividends...

Toys 4U Corp Cash Budget For the year ending December 31, 2020 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year Feb 97888 ! Jan Cash balance, beginning Add receipts: Collections from customers L Tolal...

Instructions Read the following information and answer the related questions. If you have difficulty completing this assignment, go back and closely review the assigned material again. Question 1 (...

I would really appreciate some help with this practice set. ACCOUNTING OCIETY . Part Two Instructions Using a spreadsheet prepared in Excel and based on the information provided in the next section,...

please start solving from d part only Comprehensive Case Study - Chapters 1-4 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting assists business...

Transaction Data Prudhomme's Parts Co has a fiscal year ending December 31. The company completed the following selected transactions Click here to view the transaction data) Required 1. Record the...

MAINLY NEED HELP WITH PARTS 6-12 THANKS! PA9-4 (Algo) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9- 2, LO 9-3, LO 9-4, LO 9-5, LO 9-6] The following...

please help me Carrington Parts Co. has a scal year ending December 31. The company completed the following selected trans 0 (Click here to view the transaction data.) Required 1. Record the above...

Comprehensive Case Study - Chapters 1-4 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting assists business owners with their accounting needs. Each...

A,B,C,D are already solved please solve the next parts. Comprehensive Case Study - Chapters 1-4 Razul and Amy decided to start a partnership called SA Consulting on January 1, 2020. SA Consulting...

Which of the following is NOT associated with the humanistic theories of Carl Rogers? Unconditional positive regard Person-centered therapy Empathy Systematic desensitization

When, if ever, are fixed costs differential?

12.03-PR013 Consider the 6 divisible investment alternatives shown below. The planning horizon is 5 years. The MARR is 12%. $50,000 is available for investment. a. What proportion of each investment...

Evan Inc. has offered $620 million cash for all of the common stock in Tanner Corporation. Based on recent market information, Tanner is worth $585 million as an independent operation. If the merger...

Journalize the following transactions in the accounts of Dining Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: Apr. 2. Sold...

CarMD reports that the cost of repairing a hybrid vehicle is falling even while typical repairs on conventional vehicles are getting more expensive. The most common hybrid repair, replacing the...

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be...

What does JIT stand for in the context of manufacturing and production? Just Inside Time Jumping into Tomorrow Just in Time Joining Intensive Teams

What additional revenues are realized by retaining disappointed customers?

How do your customer-facing employees attempt to sell a positive image of your company while they resolve customer problems?

How much does it cost your organization to resolve cus - tomer problems?