On January 2, 2015, Olathe Company purchased a patent for $240,000. The patent has an
8-year estimated useful life and a legal life of 20 years.
Instructions
Prepare the journal entry to record patent amortization.

Question

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The Answer of On January 2, 2015, Olathe Company purchased a patent for $240,000. The patent has an
8-year estimated useful life and a legal life of 20 years.
Instructions
Prepare the journal entry to record patent amortization.

On January 2, 2015, Olathe Company Purchased a Patent for $240,000