Amortization entries OBJ. 5 Smith Company acquired patent rights on January 6, 2013, for $882,000. The patent
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Amortization entries OBJ. 5 Smith Company acquired patent rights on January 6, 2013, for $882,000. The patent has a useful life equal to its legal life of nine years. On January 3, 2016, Smith successfully defended the patent in a lawsuit at a cost of $45,000.
a. Determine the patent amortization expense for the year ended December 31, 2016.
b. Journalize the adjusting entry to recognize the amortization.
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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