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Prepare journal entries for the annual amortization

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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.

1) How to calculate the current annual amortization for?

Cost?

Current useful life?

Depreciation per year?

2) How to Calculate the Amortiztion to date and unamorrtized balance for:

Annual amortization?

Years in service?

Unamortized balance?

3) How to Calculate the new annual amortization for:

Unamortized balance?

Estimated remaining useful life?

New Annual Amortization?

4) How to Prepare journal entries for the annual amortization?

Reference no: EM132493684

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