HW Ch 7 Question 9, E7-35A (similar to) Part 2 of 3 Sergio Saenz 03/09/22 2:48 PM C HW Score: 93.33%, 9.33 of 10 points Points: 0.33 of 1 Save Maryanne Printers incumed extemal costs of 1000,000 for a patent for a new laser printer Although the patent gives legal protection for 20 years, it was expected to provide Maryanne with a competitive advantage for only fifteen years due to expected technological advances in the industry Maryanne uses the straight-line method of amortization (Click the icon to view additional information) Read thes Requirement 1. Make joumal antries to record (a) the purchase of the patent and D) amerization for year 1 (Recond debts first, then credis Exclude explanations from any joumal enines) Start by reconding (a) the purchase of the paters Dai Pat Cath Journal Entry Accounts Debit Credit 900000 100.000 More info After using the patent for ten years, Maryanne leamed at an industry trade show that Fast Printers has patented a more efficient printer and will be selling this pinter next quarter Because of this new information, Maryanne determined that the expected future cash flows from Rs patent were now only $230,000. The fair velue of Maryanne's patent on the open market was row zero Recond (b) the amortization of the panent for year 1 Date Journal Entry Accounta Anuntization Expense-Paters Debit 900000 Credit Pet Help me solve this Etext pages Get more help 900000 Print Done Clear all Check