.Journalize the purchase of the patent.

2.Journalize the amortization expense for the year ended

December

31,

2024.

Assume straight-line amortization.

On

July

1,

2024,

Tech

Company purchased a patent for

$230,400

cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only

six

years.Read the requirements

LOADING...

.

Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.)

Date			Accounts and Explanation	Debit	Credit
Jul. 1

Requirement 2. Journalize the amortization expense for the year ended

December

31,

2024.

Assume straight-line amortization.Begin by calculating the amortization expense for

2024.

Select the formula, enter the amounts and calculate the amortization expense. (Enter a "0" for items with a zero value. Do not round intermediary calculations. Only round the amount you input for straight-line amortization to the nearest dollar.)

									Straight-line
[(		-		)		] (		12 ) =	amortization
[(		-		)		] (		12 ) =

Now, journalize the amortization expense for

2024.

(Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.)

Date			Accounts and Explanation	Debit	Credit
Dec. 31