my apologies. The cost of patent is 600,000.

Murphy Printers (MP) manufactures printers. Assume that MP recently paid $600,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only ten years. Read the requirements Requirement 1.45suming the straight-line method of amortization, make joumal entries to record (a) the purchase of the patent and (b) amortization for the first full year. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a) Record the purchase of the patent Date Accounts and Explanation Debit Credit b) Record the amortization for the first full year. hata Runon ni Cuntastinn nahit REF Choose from any list or enter any number in the input fields and then continue to the next question. This Question1p 2 of 5 (0 complete) This Test 5 pop Murphy Printers (MP) manufactures printers. Assume that MP recently paid $800,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a competitive advantage for only ten years. Read the requirements. (b) Record the amortization for the first full year. Date Accounts and Explanation Debit Credit Requirement 2. After using the patent for five years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year 6. to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of seven years. Record amortization for Year 6. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Murphy Printers (MP) manufactures printers. Assume that MP recently paid $600,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the paten expected to provide a competitive advantage for only ten years. Read the requirements Requirement 2. After using the patent for five years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year 8, to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of seven years. Record amortization for Year 6. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Requirements hizat 1. Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full year. 2. After using the patent for five years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year 6, to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of seven years. Record amortization for Year o. BR