On January 2 of the current year,a company purchased a patent for $35,000 with a useful life of 10 years.Prepare the journal entry to amortize the patent at the end of the first year.

Question

Quizplus · Accepted Answer

The Answer of On January 2 of the current year,a company purchased a patent for $35,000 with a useful life of 10 years.Prepare the journal entry to amortize the patent at the end of the first year.

On January 2 of the Current Year,a Company Purchased a Patent