Reference no: EM131316504
Martinez, Inc. acquired a patent on January 1, 2016 for $41,600 cash. The patent was estimated to have a useful life of 10 years with no residual value. On December 31, 2017, before any adjustments were recorded for the year, management determined that the remaining useful life was 6 years (with that new estimate being effective as of January 1, 2017). On June 30, 2018, the patent was sold for $26,600. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Required:
a. Prepare the journal entry to record the acquisition of the patent on January 1, 2016.
b. Prepare the journal entry to record the annual amortization for 2016.
c. Compute the amount of amortization that would be recorded in 2017. (Round your final answer to the nearest whole dollar.)
d. Determine the gain (loss) on sale on June 30, 2018. (Round your intermediate calculations and final answer to the nearest whole dollar.)
e. Prepare the journal entry to record the sale of the patent on June 30, 2018. (Round your intermediate calculations and final answer to the nearest whole dollar.)
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: Martinez, Inc. acquired a patent on January 1, 2016 for $41,600 cash. The patent was estimated to have a useful life of 10 years with no residual value. Prepare the journal entry to record the acquisition of the patent on January 1, 2016. Prepare th..
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