Record the amortization of the patent

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Question - On July of the current fiscal year ended December 31 stone co acquired a patent for $75000 and mineral rights for $250000 the patent which expires in 7 years is expected to have value for 5 years the mineral deposit is estimated at 500000 tons of pre of uniform grade present entries to record the following for the current year (a) amortization of the patent. (b) depletion .assuming that 75000 tons were mined during the year.

Reference no: EM132852240

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