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Determine the patent amortization expense for year 4 ended

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Reference no: EM132321965

Question

Kleen Company acquired patent rights on January 10 of Year 1 for $857,700. 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 $36,000.

Required:

a. Determine the patent amortization expense for Year 4 ended December 31.

b. Journalize the adjusting entry on December 31 of Year 4 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM132321965

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