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A patent amortization question
May 1 Purchased for $121,430 a patent with an estimated useful life of 5 years and a legal life of 16 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events
Is the amount of amortization expense-Patent 121,430/5*8/12? |
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Help! Help! Help! Thanks a lot!
The following are selected 2010 transactions of Franco Corporation.
Jan. 1 Purchased a small company and recorded goodwill of $168,990. Its useful life is indefinite. May 1 Purchased for $121,430 a patent with an estimated useful life of 5 years and a legal life of 16 years. Prepare necessary adjusting entries at December 31 2010 to record amortization required by the events above. I don't know how to do the jounal entry about amortization expense-Patent, someone help me,please,thanks a lot!:) |
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