Bleach Manufacturing purchased a patent from Blond Inc. for $30,000 on January 1, 2023. The patent has 6 years remaining on its term and is expected to bring in revenues to the company for the whole six years. The entry to record one year's amortization for the year ending December 31, 2023, is: Select one: O a. Debit Accumulated Amortization-Patents $30,000; credit Amortization Expense-Patents $30,000 O b. Debit Accumulated Amortization-Patents $5,000; credit Amortization Expense-Patents $5,000 c. Debit Amortization Expense-Patents $5,000; credit Accumulated Amortization-Patents $5,000 d. Debit Amortization Expense-Patents $30,000; credit Accumulated Amortization-Patents $30,000

Bleach Manufacturing purchased a patent from Blond Inc. for $30,000 on January 1, 2023. The patent has 6 years remaining on its term and is expected to bring in revenues to the company for the whole six years. The entry to record one year's amortization for the year ending December 31, 2023, is: Select one: O a. Debit Accumulated Amortization-Patents $30,000; credit Amortization Expense-Patents $30,000 O b. Debit Accumulated Amortization-Patents $5,000; credit Amortization Expense-Patents $5,000 c. Debit Amortization Expense-Patents $5,000; credit Accumulated Amortization-Patents $5,000 d. Debit Amortization Expense-Patents $30,000; credit Accumulated Amortization-Patents $30,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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