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Chrome File Edit View History Bookmarks People Window Help 70% Tue 1:20 PM Q E D Depreciation P x o MOutlook.com x Industrializat x LAN Application fo x Eviewrpt.cwr x G a truck was pu x y Wiley PLUS Abdullah Accounting qu C b edugen wiley plus.com vv TEO Kimmel, Financial Accounting, 7e Home Read, Study & Practice Gradebook ORION Assignment Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Brief Exercise 9-10 Ch 9 #4 Graded MWF Downs Company purchases a patent for $171,000 on January 2 2014. Its estimated useful life is 8 years 9-8 9-7 a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not Brief E indent manually.) 9-7A Account Titles and Explanation Review Score Show how this patent is reported on the balance sheet at the end of the first year. Intangible Assets: Patent SHOW LIST OF ACCOUNTS Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER Copyright C 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. apply graduation .pdf Show All imagel (1). PNG

Explanation / Answer

Amount to be amortize every year 171000/8=21375 Journal Entry:- Date Particular Dr. Cr. Amortization a/c dr. $21375                 to accumulated amortization $21375 Patient shall be shown in asset side as accumulated amortization and Amortization shall be debited in profit and loss account.

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