A patent was purchased for $585,000 with a legal life of 20 years.Management estimates that the patent has an 12- year economic life.The entry to record amortization would include:
A)an increase in amortization expense for $29,250.
B)an increase in research and development expense for $585,000.
C)a decrease in patent for $48,750.
D)an increase in accumulated amortization for $585,000.

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The Answer of A patent was purchased for $585,000 with a legal life of 20 years.Management estimates that the patent has an 12- year economic life.The entry to record amortization would include:
A)an increase in amortization expense for $29,250.
B)an increase in research and development expense for $585,000.
C)a decrease in patent for $48,750.
D)an increase in accumulated amortization for $585,000.

A Patent Was Purchased for $585,000 with a Legal Life