On May 1, 2014 Barton Corporation purchased for cash of S37.500 a patent with a useful ife of 10 years. Give the entries to record : a. The purchase of the patent. b The amortizatiOn on December 31 2014 (calculated to the pearest whole month)

On May 1, 2014 Barton Corporation purchased for cash of S37.500 a patent with a useful ife of 10 years. Give the entries to record : a. The purchase of the patent. b The amortizatiOn on December 31 2014 (calculated to the pearest whole month)

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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Question

On May 1, 2014 Barton Corporation purchased for cash of $37.500 a patent with a useful ife of 10 years.
Give the entries to record :
a. The purchase of the patent.
b. The amortization on December 31, 2014 (calculated to the nearest whole month).

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