Amortization entries

$$23,000.$

a$.$ Determine the patent amortization expense for the Year $4$ ended December $31.$

$$

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lawsuit regarding a patent infringement, then the patent is written off.

b$.$ Journalize the adjusting entry on December $31$ of Year $4$ to recognize the amortization. If an amount box does not require an entry, leave it blank.

Amortization Expense$-$Patents

Amortization Expense$-$Patents $$

$1$

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Unlike the entries to record depreciation and depletion, the recording of amortization does not affect a contra asset account.