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June 30th - Recorded month-end adjusting entry for amortization on $5,000 patent purchased on June 15th. One & Only amortizes patents over 15 years. June

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June 30th - Recorded month-end adjusting entry for amortization on $5,000 patent purchased on June 15th. One & Only amortizes patents over 15 years. June 30th - Recorded month-end adjusting entry for depreciation on $70,000 leasehold improvements. One & Only depreciate leasehold improvements straightline over the lease term of 10 years. There is no salvage value

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