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Johnson Inc., acquired a license on July 1, 2017 for $250,000 cash. The license was valid for a period of 8 years at which time it would expire, and the firm decided to use straight-line amortization. On January 1, 2019, because of changes in technology, management determined that the remaining useful life of the license was actually only 4 years. On June 30, 2020, the license was sold for $25,000.
Problem 1: Show the journal entry to record the acquisition of the license on July 1, 2017
Problem 2: Show the journal entry to record amortization of the license for 2017
Problem 3: Compute the amount of amortization that would be recorded for 2019
Problem 4: Prepare the journal entry to record the sale of the license on June 30, 2020
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