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Please help with the following exercise: Amplify Inc. purchased a patent on September 1, 2018 for $41,080. At the time of purchase, amplify estimated that
Please help with the following exercise:
Amplify Inc. purchased a patent on September 1, 2018 for $41,080. At the time of purchase, amplify estimated that the patent's economic benefits would last until the end of 2022. Amplify's fiscal year end was December 31. On April 1, 2021, amplify sold the patent to another company.
I need help to know how to prepare:
first the journal entry to record the sale, Amplify sold the patent for $21,690.
and second the journal entry to record the sale, Amplify sold the patent for $12,240.
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