Surkis Corporation purchased a patent for $180,000 cash on April 2, 2015. Its legal life is 20
Question:
Surkis Corporation purchased a patent for $180,000 cash on April 2, 2015. Its legal life is 20 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, 2015,
(2) Amortization for the first year ended December 31, 2015.
(b) Show how the patent would be reported on the statement of financial position at December 31.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a 1 Apr 2 Patents 180000 Cash 180000 2 Dec 31 Amortization Expense 180000 5 36000 912 27000 Accum...View the full answer
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Related Book For 
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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