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Prepare taylor swift journal entries to record the purchase

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Q1. Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2017, for $54,000. The patent has a remaining legal life of 16 years. Taylor Swift feels the patent will be useful for 10 years. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2017 amortization.

Q2. Use the information provided in Q1. Assume that at January 1, 2019, the carrying amount of the patent on Taylor Swift's books is $43,200. In January, Taylor Swift spends $24,000 successfully defending a patent suit. Taylor Swiftstill feels the patent will be useful until the end of 2026. Prepare the journal entries to record the $24,000 expenditure and 2019 amortization.

Reference no: EM132228091

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