Advanced Design Sales acquired a patent on January 1 for $35,000. The patent is expected to be of benefit to Advanced Design Sales for 5 years. Prepare the journal entry to record the acquisition of the patent and the amortization expense for the first year.

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The Answer of Advanced Design Sales acquired a patent on January 1 for $35,000. The patent is expected to be of benefit to Advanced Design Sales for 5 years. Prepare the journal entry to record the acquisition of the patent and the amortization expense for the first year.

Advanced Design Sales Acquired a Patent on January 1 for $35,000