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Use the information provided in BE12-1. Assume that at January 1, 2016, the carrying amount of the patent on Celine Dion's book is $43,200. In
Use the information provided in BE12-1. Assume that at January 1, 2016, the carrying amount of the patent on Celine Dion's book is $43,200. In January, Celine Dion spends $24,000 successfully defending a patent suit. Celine Dion still feels the patent will be useful untill the end of 2023. Prepare the Journal entries to record the $24,000 expenditure and 2016 amortization.
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