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    pokerface2's Avatar
    pokerface2 Posts: 2, Reputation: 1
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    #1

    Apr 16, 2009, 03:35 PM
    How much amortization expense was recorded for 2008?
    Several years ago, a company purchased a patent and has since been amortizing it on a straight-line basis over its estimated useful life. The company's comparative balance sheets contain the following items:

    Patent, less accumulated amortization of $70,000 (2008) and $52,000 (2007)

    Dec. 31, 2008: $280,000 Dec. 31, 2007: $297,500
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Apr 16, 2009, 05:21 PM

    Your expense is the difference in your Accumulated Amortization Account because the journal entry to record amortization is:

    Debit Amortization Expense for the amount
    Credit Accumulated Amortization for the amount
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