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please do all the part of questions. Windsor Limited purchased a patent for $86,400 on June 1,2019. Windsor has a calendar fiscal year end. 5
please do all the part of questions.
Windsor Limited purchased a patent for $86,400 on June 1,2019. Windsor has a calendar fiscal year end. 5 tracht-line amortiation is used for the patent, based on a five-year useful life, although the remaining legal life was 10 years. On May 31,2021 . Winchor paid $24,000 in legal fees to successfully defend this patent in court and now wants to revise the estimate of the gatent's remainintineful life to 8 years, which is the same as its remaining legal life. Record the purchase of the patent on June 1, 2019. (Credit account titles are outamoticalily indented when the amount is entom be not indent manually. If no entry is required, select "No Entry" for the account tities and enter Ofor the anounte) eTextbook and Media Record amortization expense for the fiscal years 2019 and 2020. (Credit occount titles are cutonstically indentiod when the anount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount bitles and enter Ofor the anounts.) thei Record the payment of the legal fees on May 31, 2021 . Fredit account eibes are autinaticaly indoived when the ancust in entered. Do not indent manually, if no entry is required, select "Wo Enery" far the occount btin and mint of for the ancoritu? Record any necessary amortization prior to the change in the useful life of the patent. (Credit occount titier are outomaticulfy indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount tieles and entar o iw the amounts.) Record the amortization expense for the remainder of the 2021 fiscal year. (Credit occount tites ore outomatically indented anten the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter ofor the umoants' What was the total amount of the amortization expense appearing on the incone statement for fiscal vear 2021 Step by Step Solution
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