On October 1,2017,Mulcahy,Inc.purchased a patent for $100,000 cash.Although the patent gives legal protection for 20 years,it is expected to be used for only eight years.Journalize the amortization expense for 2017.Assume straight-line amortization.

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The Answer of On October 1,2017,Mulcahy,Inc.purchased a patent for $100,000 cash.Although the patent gives legal protection for 20 years,it is expected to be used for only eight years.Journalize the amortization expense for 2017.Assume straight-line amortization.