Nitro Company acquired patent rights on January 3, 2017, for $935,000 The patent has a useful life to its legal life of 20 years Instructions Determine the patent amortization for the current year ended December 31, 2017 Journalize the adjusting entry to recognize the amortization

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Nitro Company acquired patent rights on January 3, 2017, for $935,000. The patent has a useful life to its legal life of 20 years. Instructions

Nitro Company acquired patent rights on January 3, 2017, for $935,000. The patent has a useful life to its legal life of 20 years.

Instructions

Determine the patent amortization for the current year ended December 31, 2017.
Journalize the adjusting entry to recognize the amortization.

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