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Prepare the journal entry to record the sale

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Reference no: EM132768683

Question - Amplify Inc. purchased a patent on September 1, 2020 for $ 41,080. At the time of purchase, Amplify estimated that the patent's economic benefits would last until the end of 2024. Amplify's fiscal year end is December 31. On April 1, 2023, Amplify sold the patent to another company.

Instructions -

a) Prepare the journal entry to record the sale, assuming Amplify sold the patent for $21,690.

b) Prepare the journal entry to record the sale, assuming Amplify sold the patent for $12,240.

Reference no: EM132768683

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