the unamortized portion of the patent on December 31, 2020, before adjustment for amortization in 2020 is: ____________ 2. The entry to record amortization of patent on December 31, 2020:
the unamortized portion of the patent on December 31, 2020, before adjustment for amortization in 2020 is: ____________ 2. The entry to record amortization of patent on December 31, 2020:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Brace Company purchased a patent on January 1, 2015 for P 6,000,000. The original life of the patent
was estimated to be 15 years.
However on December 31, 2020, the controller received information proving conclusively that the product
protected by the patent would be obsolete within four years.
The entity decided to write off the unamortized portion of the patent cost over five years beginning 2020.
- the unamortized portion of the patent on December 31, 2020, before adjustment for amortization in 2020
is: ____________
2. The entry to record amortization of patent on December 31, 2020:
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