Question
Intangible Assets On July 1, 2015, Washington, Inc., purchased a patent for $60,000. The patent had legal life of 20 years and useful life of
Intangible Assets
On July 1, 2015, Washington, Inc., purchased a patent for $60,000. The patent had legal life of 20 years and useful life of 10 years.
INSTRUCTIONS:
a) Prepare all journal entries required in 2015 and 2016.
b) On January 1, 2017, Washington spent $9,000 to successfully defend the patent in court. As a result, the estimated useful life was extended to 12 years from January 1, 2017. Prepare all journal entries for 2017.
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Auditing Social Media A Governance And Risk Guide
Authors: Peter R. Scott, J. Mike Jacka
1st Edition
1118061756, 978-1118061756
