On 1 January 2014, Portwell Company purchased a patent for $200 000. They estimate a useful life of 4 years. At the end of 2014, the Patent account will have a debit balance of $200 000, and there will be a credit balance in the Accumulated amortisation account of $50 000.

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The Answer of On 1 January 2014, Portwell Company purchased a patent for $200 000. They estimate a useful life of 4 years. At the end of 2014, the Patent account will have a debit balance of $200 000, and there will be a credit balance in the Accumulated amortisation account of $50 000.

On 1 January 2014, Portwell Company Purchased a Patent for $200