Amortization Entries Kleen Company acquired patent rights on January 10 of Year 1 for $384,000. 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 $19,000. If required, round your answer to the nearest dollar. a. Determine the patent amortization expense for the Year 4 ended December 31. Feedback Check My work For intangible assets with finite lives, a company uses the straight-line method to calculate amortization. If a company successfully defends a patent it becomes part of the cost of the patent. If the company loses a lawsuit regarding a patent infringement, then the patent is written off Learning Objective 5. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Amotization Expense-Patents Patents Feedback Check My Work Unlike the entries to record depreciation and depletion, the recording of amortization does not affect a contra asset account. Learning Objective 5. Feedbaci Check My won Partially correct