MetaAmortization Entries

Kleen Company acquired patent rights on January $10$ of Year $1$ for $$472,000.$ The patent has a useful life equal to its legal life of eight years. On January $7$ of Year $4,$ Kleen successfully defended the patent in a lawsuit at a cost of $$23,500.$

If required, round your answers to the nearest dollar.

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a$.$ Determine the patent amortization expense for Year $4$ ended December $31.$

$fill in the blank dfc$103$fcaf$93074\_1$

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b$.$ Journalize the adjusting entry on December $31$ of Year $4$ to recognize the amortization. If an amount box does not require an entry, leave it blank.

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