Reference no: EM132697593
Question - Use the following information for questions:
Kingston, Inc., acquired a patent on January 1, 2016 for $40,000 cash. The patent was estimated to have a useful life of 10 years with no residual value, and the firm decided to use straight-line amortization. On January 1, 2017, management determined that the remaining useful life was actually only 6 years. On June 30, 2018, the patent was sold for $25,000.
Required -
Show the journal entry to record the acquisition of the patent on January 1, 2016.
Show the journal entry to record amortization of the patent for 2016.
Compute the amount of amortization that would be recorded for 2017.
Prepare the journal entry to record the sale of the patent on June 30, 2018.
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