Brief Exercise 9-10

Downs Company purchases a patent for $176,000 on January 2, 2014. Its estimated useful life is 10 years.

Brief Exercise 9-10 Downs Company purchases a patent for $176,000 on January 2, 2014. Its estimated useful life is 10 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanatlon Debit Credit (b) Show how this patent is reported on the balance sheet at the end of the first year. Intangible Assets: Patent Click if you would like to Show Work for this question Open Show Work