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Question - Odessa Drones Inc has a patent on a specialized drone. The company has amortized the patent on a straight-line basis for the past 4 years, when it was acquired at a cost of $10.8 million at the beginning of that year. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the beginning of this year.
a. Calculate the current annual amortization.
b. Calculate the Amortiztion to date and unamorrtized balance.
c. Calculate the new annual amortization.
d. Prepare the journal entry for the annual amortization.
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