On June 1, 2023, Concord spent $9,000 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2023. Prepare all journal entries required in 2023 and 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation 2023 2023 2024 Patents Cash (To record cost of infringement suit) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents Debit 9000 Credit 9000
On June 1, 2023, Concord spent $9,000 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2023. Prepare all journal entries required in 2023 and 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation 2023 2023 2024 Patents Cash (To record cost of infringement suit) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents Debit 9000 Credit 9000
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 7MC
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