On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20-year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent?

On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated useful life of 25 years and a 20-year legal life. What entry would the company make at December 31, 2021 to record amortization expense on the patent?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please answer, round off final answers to two decimal places

On January 2, 2021, Harlan Company purchased a patent for $48,000. The patent has an estimated
useful life of 25 years and a 20-year legal life. What entry would the company make at December 31,
2021 to record amortization expense on the patent?

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