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Recording Amortization with a Change in Accounting Estimate On January 1 of Year 1 , Kelley Company purchased a new patent for $ 1 8
Recording Amortization with a Change in Accounting Estimate
On January of Year Kelley Company purchased a new patent for $ and started amortizing it over its legal life of years. At the start of Year Kelley reexamined the market for the patent and determined that the total useful life of the patent from acquisition date was years.
Required
a What should Kelley record as amortization expense on the patent for Year
b Record the entry for amortization in Year
c What is the carrying value of the patent on December of Year
Note: Carry all decimals in calculations; round the final answer to the nearest dollar.
a Amortization expense in Year : $
tableDateDrCrb Dec. Year Amortization Expense,
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