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Write a journal entry to record amortization expense

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Reference no: EM133185009

Question - During 2021, ABC Co. purchased intangible assets and debited them all to "Intangible assets".

1-Jan Patent 7-Year Life $250,000

1-Jun Goodwill Indefinite Life $66,000

1-Oct Research and development costs $50,000

Required -

(a) Write a journal entry to reclassify them to an intangible asset account and/or expense account.

(b) Write a journal entry to record amortization expense as of December 31, 2021.

Reference no: EM133185009

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