On October 1,2015,Nurix 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 2015.Assume straight-line amortization.

Question

Quizplus · Accepted Answer

The Answer of On October 1,2015,Nurix 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 2015.Assume straight-line amortization.