2)

Kleen Company acquired patent rights on January 10 of Year 1 for $344,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $17,000. If required, round your answer to the nearest dollar. a. Determine the patent amortization expense for the Year 4 ended December 31. Feedback b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization Amortization Expense-Patents Alaska Mining Co. acquired mineral rights for $13,648,000. The mineral deposit is estimated at 85,300,000 tons. During the current year, 12,800,000 tons were mined and sold. a. Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places b. Journalize the adjusting entry on December 31 to recognize the depletion expense