Determine the patent amortization expense

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Reference no: EM133560783

Amortization Entries

Kleen Company acquired patent rights on January 10 of Year 1 for $464,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of $23,000.

If required, round your answer to the nearest dollar.

Question 1: Determine the patent amortization expense for the Year 4 ended December 31.

Question 2: Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization.

Reference no: EM133560783

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