Izzy Inc. purchased a patent for $350,000 which has an estimated useful life of 10 years. Its pattern of use or consumption cannot be reliably determined. Prepare the entry to record the amortization of the patent in its first year of use.

LIST OF ACCOUNTS

Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment Long-term Notes Payable No Entry Organization Expense Paid-in Capital in Excess of Par - Common Stock Patents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense Rent Receivable Rent Revenue Research and Development Expense Retained Earnings Trade Names Trademarks