A patent that was acquired for $480,000 at the beginning of the current year expires in 20 years and is expected to have a useful life of 5 years. Present the adjusting entry to amortize the patent for the current year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

Attempts: 1 of 1 used

(b)

Research and development costs of $180,000 were incurred during the current fiscal year. Determine the minimum amount to be expensed for the current fiscal year.

Minimum amount to be expensed for the current fiscal year

$enter the minimum dollar amount to be expensed for the current fiscal year