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What is appropriate adjusting entry for patent amortization

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Reference no: EM133183814

Question - Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the $21.60 million cost of the patent on a straight-line basis since it was acquired at the beginning of 2017. 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 end of 2021 (before adjusting and closing entries).

Required - What is the appropriate adjusting entry for patent amortization in 2021 to reflect the revised estimate?

Reference no: EM133183814

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