Question 1 Celine Dion Corporation purchases a patent from Salmon Company on Jan

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Question 1 Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2014, for $50,680. The patent has a remaining legal life of 18 years. Celine Dion feels the patent will be useful for 10 years. Prepare Celine Dion’s journal entries to record the purchase of the patent and 2014 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record purchase of patents) (To record amortization of patents)

Explanation / Answer

Date Account Titles Debit credit 1 Patent 50680 cash 50680 [To record purchase of patents] 2 Amortization 5068 Accumulated amortization 5068 [To record amortization of patents) ] [50680/10]

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