Chans General La Keywords 20.00. The per la Ile de personnay Kay Celended the potentielles con 50.000 Required | De www brown December Jente e any on December 31 wie ein Meer terecht Account and rescue REVENUE 410 Sale Terver 800 Game Sweet Dry Truck 64 Gate Sale or 62 One of ASSETS 190 Pay 112 course 11 weecavable 19 Nocelli In March ory H17 trece 10 Land in Delivery 124 Deprecatentry Starting question Dewended December 31. Round your related 125 Eur 938 Deprecation Tour 130 11 min 132 EXPENSES 10 Calender 190 1 Advertising 122 Depresy sa Delivery 4 18 Seligente 1 Peter Bequent 533 Depline mes Expense Super so i There 70 hry To 121 mate way we or two. Te most contract din ACCOUNTING EQUATION NATION LIABILITIES 10 Pie Pay Tele 214 215 EQUITY 310 Own 311 Owner Kleen Company acquired patent rights on January 10 of Year 1 for $882,000. 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 $39,600. Required: a. Determine the patent amortization expense for Your 4 onded December 31. b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles. REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment 622 Gain on Sale of Patents Chart of Accounts ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Equipment 533 Depletion Expense 534 Amortization Expense-Patents 535 Insurance Expense 536 Supplies Expense 539 Miscellaneous Expense 710 Interest Expense 720 Loss on Sale of Delivery Truck 721 Loss on Sale of Equipment 722 Loss on Sale of Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's Capital 311 Owner's Drawing Starting question a. Determine the patent amortization expense for Year 4 ended December 31. Round your answer to the nearest whole dollar. $ Journal B. Joumalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account ines. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY DESCRIPTION Adjusting Entries 3
