On June 1, 2002, the Corporation spent $9,480 to successfully prosecute a patent infringement. As a result,

Question:

On June 1, 2002, the spent $9,480 to successfully prosecute a patent infringement. As a result, the estimated useful life was extended to 12 years from June 1, 2002. Prepare journal entries required for 2002 and 2003.

Corporation
A 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...