Journalize the purchase of the patent

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Reference no: EM131819918

Question: Accounting for an intangible asset On March 1, 2016, Twist Company purchased a patent for $168,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only five years.

Requirements: 1. Journalize the purchase of the patent.

2. Journalize the amortization expense for the year ended December 31, 2016. Assume straight-line amortization.

Reference no: EM131819918

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