Question
On January 1, 2016, Anchor Corporation paid $96,000 for a patent with a remaining legal life of 12 years and a useful life of 8
| On January 1, 2016, Anchor Corporation paid $96,000 for a patent with a remaining legal life of 12 years and a useful life of 8 years. Which of the following is the correct journal entry to record the expensing of this asset during 2016? |
| Debit | Credit | |
| Amortization expense | 8,000 | |
| Patent | 8,000 |
| Debit | Credit | |
| Patent | 8,000 | |
| Amortization expense | 8,000 |
| Debit | Credit | |
| Patent | 12,000 | |
| Amortization expense | 12,000 |
| Debit | Credit | |
| Amortization expense | 12,000 | |
| Patent | 12,000 |
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Comprehensive Manual Of Internal Audit Practice And Guide The Most Practical Guide To Internal Auditing Practice
Authors: Kibreab K Ftaw
1st Edition
1802277250, 978-1802277258
