AMC Manufacturing Company acquired a patent for $20,000. The patent was being amortized over 10 years. After being amortized for only 1 year, it was determined that the patent would only be useful for 3 more years. Prepare the journal entry to record the amortization expense for year 2.

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The Answer of AMC Manufacturing Company acquired a patent for $20,000. The patent was being amortized over 10 years. After being amortized for only 1 year, it was determined that the patent would only be useful for 3 more years. Prepare the journal entry to record the amortization expense for year 2.

AMC Manufacturing Company Acquired a Patent for $20,000