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Posted on Jul 29, 2024

Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1 , 2 0 1 9 , for $ 7 2 , 0

Mystic Pizza Company purchased a patent from Prime Pizza Plus on January $1, 2019,$ for $ $72, 000 .$ The patent

has a remaining legal life of $9$ years. Prepare the journal entries to record the acquisition and the amortization for

$2019,$ assuming Mystic Pizza amortizes its patents using the straight $-$ line method over the life of the asset.

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