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Determine the patent amortization expense for year

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Reference no: EM133069015

Question - Amortization Entries - Kleen Company acquired patent rights on January 10 of Year 1 for $376,000. 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 $19,000. If required, round your answers to the nearest dollar.

Required -

a. Determine the patent amortization expense for Year 4 ended December 31.

b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. If an amount box does not require an entry, leave it blank.

Reference no: EM133069015

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