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How many entries will there be for each question? (eg. how many debits or credits?) On June 1, ABC Inc. purchased a patent for $75,000

How many entries will there be for each question? (eg. how many debits or credits?)

  1. On June 1, ABC Inc. purchased a patent for $75,000 with a useful life of 10 years. Prepare the journal entry to amortize the patent at the end of the first year assuming ABC Inc. follows a calendar year.
  2. On January 4, ABC Inc. purchased a music distributor's collection of lyrics and songs for $425,000. The copyrights are expected to last another 10 years. Prepare the journal entry to amortize the copyright at the end of the first year.

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