ACC110 Wk2 Assignment 201611,23 (Protected View) - Word References Mailings Review View Tell me what you want to do Internet can contain viruses Unless you need to edit, it's safer to stay in Protected View. Enable Editing Assignment Overview On March 1, 2015, Geneva Consultants acquired a patent from Bridgewater Industrials for $20 cash. The expected useful life for the patent is five years. For this assignment, you will use your knowledge of accounting principles to journalize entries and create a balance sheet. The purpose of ,000 is assignment is to demonstrate how measuring plant assets depreciation is achieved and provide practice in accounting for intangible assets. Assignment Details: Perform the following tasks: Complete the reading assignment and the interactive lesson before attempting this assignment Attend the instructor session to prepare for this assignment. Using the Week 2 Assignment Worksheet below, perform the following transactions on the balance sheet provided: Journalize the purchase of the patent. Demonstrate how the patent would be accounted for on the balance sheet; assume the starting balance of cash is ($50,000). Using straight-line depreciation, demonstrate how the asset will be depreciated during its five-year life. o o o Submit the Week 2 Assignment via Blackboard by clicking on the "Week 2 Assignment link Include the proper file naming convention: ACC110 wk2 assn_jsmith_mmddyyyy. wI