On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20-year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent?

On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20-year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 5RE: Mystic Pizza Company purchased a patent from Prime Pizza Plus on January 1, 2019, for 72,000. The...

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Please answer, round off final answers to two decimal places

On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated
useful life of 25 years and a 20-year legal life. What entry would the company make at December 31,
2021 to record amortization expense on the patent?

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