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Prepare the journal entries to record the expenditure

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Question - Monty Corporation purchases a patent from Sandhill Company on January 1, 2020, for $66,000. The patent has a remaining legal life of 16 years. Monty feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of the patent on Monty's books is $52,800. In January, Monty spends $24,800 successfully defending a patent suit. Monty still feels the patent will be useful until the end of 2029. Prepare the journal entries to record the $24,800 expenditure and 2022 amortization.

Reference no: EM132516890

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