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Firefox File Edit View History Bookmarks Tools Window Help 4896 D. Wed 11:38 AM E box (12.3 ·M Inbox1648 . M! Your AoliitM, Stco 1-Ini. N Chaoter 9 ra comoarina . Microsoft Wor , G 70433388, re Costs Of A. R CheaaS i G Ea CengageNOWv2| Online teaching and learning resource from Cengage Learning v2.cengagenow.com/ilm/takeAssignment takeAssignmentMain.d0?invoker=&takeAssignmentsessionLocator-assignment; take&Inprogress-false; Chapter 9 Assignment Book Show Me How Calculator 1. EX.09-01 2. EX.09-05 3. EX.09-13 4. EX.09-14 5. EX.09-15 ALGO Amortization Entries Kleen Company acquired patent rights on January 10 of Year 1 for $400,000. The patent has a useful life equal to its legal life of eight years. On January 7 of Year 4, Kleen successfully defended the patent in a lawsuit at a cost of 20,000 If required, round your answer to the nearest dollar a. Determine the patent amortization expense for the Year 4 ended December 31 b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. 6. EX.09-17 ALGO 7. EX.09-19.ALGO 8. EX.09-20.ALGO 9. PR.09-01 ALGO 10. PR.09-04.ALGO Check My Work Previous Next Progress: 8/10 items

Explanation / Answer

a Patent amortization expense = (400000/8)+(20000/5)= 54000 b Amortization expense 54000           Patents 54000

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