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Current Attempt in Progress Marin Limited purchased a patent for $91,200 on June 1, 2019. Marin has a calendar fiscal year end. Straight-line amortization is
Current Attempt in Progress Marin Limited purchased a patent for $91,200 on June 1, 2019. Marin has a calendar fiscal year end. Straight-line amortization is used for the patent, based on a five-year useful life, although the remaining legal life was 10 years. On May 31, 2021, Marin paid $33,600 in legal fees to successfully defend this patent in court and now wants to revise the estimate of the patent's remaining useful life to 8 years, which is the same as its remaining legal life. Your answer is correct. Your answer is partially correct. Record any necessary amortization prior to the change in the useful life of the patent. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 31, 2021 Amortization Expense Accumulated Amortization - Patents e Textbook and Media List of Accounts rch 0 4C Light rain Your answer is partially correct. ecord the amortization expense for the remainder of the 2021 fiscal year. (Credit account titles are automatically indented when the nount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Amortization Expense 9100 Accumulated Amortization - Patents 9100 eTextbook and Media List of Accounts ij 190 light rain X Your answer is incorrect. What is the carrying amount of the patent on the balance sheet at December 31, 2021? Carrying amount on the balance sheet at December 31, 2021 $ e Textbook and Media List of Accounts Attempts: 1 of 3 use Save for Later * Your answer is incorrect. at was the total amount of the amortization expense appearing on the income statement for fiscal year 2021? tal amount of the amortization expense $ 16700 Textbook and Media ist of Accounts
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