In 2013, Harrogate Corporation Co. acquired a patent from a competitor for $175,000. At the time of purchase, it had 12 years of its legal life remaining; however, due to competition, Harrogate believes that the patent will only be useful for 8 years. Prepare the general journal entry to recognize amortization expense for 2013.

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The Answer of In 2013, Harrogate Corporation Co. acquired a patent from a competitor for $175,000. At the time of purchase, it had 12 years of its legal life remaining; however, due to competition, Harrogate believes that the patent will only be useful for 8 years. Prepare the general journal entry to recognize amortization expense for 2013.