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Vago had an average of 345,000 shares of common stock outstanding. Vargo has no preferred stock. Vargo obtained a patent on 3/1/12 for $96000 with

Vago had an average of 345,000 shares of common stock outstanding. Vargo has no preferred stock.

Vargo obtained a patent on 3/1/12 for $96000 with a legal life remaining of 14 years that was estimated to have a useful life of 12 years. The future cash flows from the patent are estimated to be 44,000 as of 12/31/2017 and the fair value is estimated to be 40000.

1) make any entries necessary for the patent during 2017

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