GHI Corporation acquired a patent for $80,000 on January 1st, 2023. The patent has a useful life of 10 years. Calculate: a) Annual amortization expense using the straight-line method. b) Accumulated amortization at the end of the third year. c) Book value of the patent at the end of the fifth year. d) Journal entry to record amortization expense for the first year.

 

Additional paid-in capital. c) Book value per share after the issuance. d) Journal entry to record the issuance of common stock.